Dealer’s Diary
The benchmark indices declined for the fifth straight day, as charges of fraud against US investment bank Goldman Sachs rattled global stocks. The market pared its losses later, but the intraday recovery proved short-lived. The market slumped to a fresh intraday low in mid-morning trade and extended its losses in early afternoon trade. The market staged a strong rebound in afternoon trade, after hitting a fresh intraday low. However, volatility struck the bourses, as the key benchmark indices weakened again in late trade. The Sensex and Nifty closed down by 1.1% each, while BSE Mid-cap and Small-cap indices also fell by 1.0% and 1.5%, respectively. Among the front-liners, Hindalco, Bharti Airtel, HDFC, L&T and M&M were up by 0-2%, while DLF, Tata Steel, Sterlite, ONGC and Wipro were down by 3-4%. In the mid-cap segment, Jain Irrigation, KS Oils, Allahabad Bank, Atlas Corp and Essar Ship Ports were up by 4-7%, while Puravankara Projects, Jet Airways, Usha Martin, Amtek Auto and Triveni Engineering were down by 6-8%.
The trend deciding level for the day is 17421/5215 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17565–17729/5268–5333 levels. However, if NIFTY trades below 17421/5215 levels for the first half-an-hour of trade then it may correct up to 17257–17113/5150–5096 levels.
Economic and Political News
· All-India 3G spectrum bids reach Rs 5,980cr on 8th day of auction
· Government to develop 60 solar energy cities in 11th plan
· Government weighing 10% stake sale in Nalco
Corporate News
· JSW acquires control of South African coal mining company
· GMR seeks another US $100mn PE funding
· NMDC plans to invest Rs1,000cr in JVs
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