Dealer’s Diary
The benchmark indices jumped in early trade on strong global cues. Most Asian stock edged up, led by overnight gains on Wall Street, as strong US retail sales data boosted confidence in the economic recovery. The market surged in midmorning trade, but trimmed its gains in early afternoon trade. In mid afternoon trade, the market surged to a fresh intraday high, as European markets climbed at the onset of the trading session and Asian stocks traded firm. However, in late trade, a bout of volatility was witnessed in the market. The Sensex and Nifty were up by 1.2% and 1.1%, respectively, while the BSE Mid-cap and Small-cap indices were up by 0.9% and 1.3%, respectively. Among the front-liners, Tata Motors, HDFC, BHEL, JP Associates and HDFC Bank were up by 3-5%, while Bharti Airtel, Wipro, HUL and TCS were down by 1-2%. In the mid-cap segment, Ruchi Soya, Asian Star, Petronet LNG, Havells India and Jet Airways were up by 7-9%, while Bayer Crop, Triveni Engineering, Gillette India, Den Network and Thermax were down by 2-4%.
The trend deciding level for the day is 17873/5347 levels. NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18031–18130/5392–5422 levels. However, if NIFTY trades below 17873/5347 levels for the first half-an-hour of trade then it may correct up to 17775–17617/5317–5272 levels.
Economic and Political News
· SEBI and IRDA clash over former’s decision to ban insurance companies from selling ULIPs
· FIIs invest US $5bn in Corporate Bonds in 2010
· Govt. extends import subsidy on pulses till September 2010
Corporate News
· NTPC to buy 1.5mscmd more gas from Reliance Industries
· GAIL opposes uniform price for Natural Gas
· SEBI approves IPO of Glenmark’s generic arm
· Reliance Capital starts Dubai operations via its asset management arm
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