Dealer’s Diary
The key benchmark indices edged lower in volatile trade, as an imminent hike in key short-term interest rates by the RBI at a policy review next week weighed on investor sentiment. The market slipped into the red after briefly regaining positive zone in mid-morning trade, when it hit a fresh intraday high. The market moved in a range in early afternoon trade and again slipped into the red in late trade. Realty stocks fell on fears of an interest rate hike by the RBI. Auto, IT and telecom stocks also fell. Capital goods stocks were mixed. However, FMCG stocks gained on defensive buying. The Sensex and Nifty closed down by 0.3% and 0.2%, respectively, while the BSE Mid-cap and Smallcap indices also fell by 0.3% and 0.2%, respectively. Among the front-liners, ITC, Tata Steel, Tata Motors, HUL and ICICI Bank were up by 0-3%, while JP Associates, DLF, Hero Honda, M&M and BHEL were down by 2-3%. In the midcap segment, Madras Cements, Cox and Kings, Ruchi Soya, Blue Dart and GCPL were up by 4-5%, while Bajaj Finserv, Max India, Triveni Engineering, Jubilant Foodworks and Praj Industries were down by 3-5%.
The trend deciding level for the day is 17595 / 5261 levels. NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17660 – 17729 / 5285 – 5307 levels. However, if NIFTY trades below 17595 / 5261 levels for the first half-an-hour of trade then it may correct up to 17526 – 17460 / 5239 - 5216 levels.
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