Dealer’s Diary
The benchmark indices extended their losses for a straight third session, giving up gains intra-day after opening on a positive note. The weakness was evident from the fact that markets made an intra-day high at opening, but closed near the day’s lows. Volatility was lower compared to that witnessed in the past few sessions. After opening on a strong note, the markets gradually gave up gains to trade flat by mid-session. Weakness in European markets accentuated the bearish sentiments and the indices slipped further in the final session. The Sensex and Nifty closed with losses of 1.0% each, while the BSE Mid-cap and Small-cap indices fell by just 0.2% and 0.6%, respectively. Among the frontliners, JP Associates, HUL, DLF, Infosys and Sun Pharma were up by 0-1%, while Reliance Industries, ICICI Bank, ITC, L&T and SBI were down by 2-3%. In the Mid-cap segment, Blue Dart, Parsvnath Developers, Sobha Developers, Bayer Crop and Apollo Hospital were up by 6-20%, while Max India, Bajaj Finserv, LIC Housing Finance, Rolta India and Whirlpool were down by 4-9%.
The trend deciding level for the day is 17745/5304 levels. NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17870–18101/5343–5412 levels. However, if NIFTY trades below 17745/5304 levels for the first half-an-hour of trade then it may correct up to 17514–17388/5235–5196 levels.
Economic and Political News
· Inflation at 9.9% on broad price rise
· Oil firms raise ATF prices by 3.2%
· Steel demand to grow by 8-10% in 2010-11: Ministry of Steel
Corporate News
· GMR Infra begins QIP to raise up to US $250mn
· L&T plans JV with Japan's MHI to make industrial tyres
· Goldyne Tech close to buying US-based DecisionOne for Rs500cr
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