Dealer’s Diary
The key benchmark indices registered small gains in what was a highly volatile trading session. Weak European markets and lower US index futures triggered profit taking, after Indian stocks scaled their highest level in more than 25 months in early afternoon trade. The Sensex surged past the psychosocial 18,000 mark at the onset of the trading session. However, it soon fell below that level. The market moved in a narrow range in mid-morning trade, before slipping into the red in afternoon trade. Nevertheless, it regained the positive zone later. Fresh selling pulled the market to the day's low in late trade, but it staged a rebound later. The Sensex and Nifty gained 0.2% each, while the BSE Mid-cap and Small-cap indices ended the trading session higher by 0.5% and 0.7%, respectively. Among the front-liners, Grasim, Tata Motors, ACC, Reliance Infrastructure and Maruti Suzuki were up by 2-3%, while HUL, Sun Pharma, ICICI Bank, JP Associates and M&M were down by 1-2%. In the mid-cap segment, Apollo Tyres, Pipavav Shiyard, HSBC InvestDirect, Central Bank and IB Financial Services were up by 7-11%, while Jain Irrigation, Gujarat Industries Power, HCL Infosystems, Wockhardt and Rajesh Exports were down by 2-3%.
The trend deciding level for the day is 17965/5373 levels. NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18052–18135/5401–5428 levels. However, if NIFTY trades below 17965/5373 levels for the first half-an-hour of trade then it may correct up to 17883–17796/5347–5319 levels.
Economic and Political News
· Ministerial group to take call on BSNL divestment
· Direct Tax mop-up falls short of revised target
· Private sector adds record 9,585MW to power grid
Corporate News
· RIL promoters acquire shares worth Rs113cr through off-market transactions
· NTPC to build power plant in Bangladesh
· JSW Steel plans Rs7,000cr capex
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