Dealer’s Diary
The key benchmark indices eked out small gains, snapping last five days' losses, after the Reserve Bank of India (RBI) announced a small increase in repo rate, reverse repo rate and CRR by 25 bp each against expected 25 to 50 bp hike at a monetary policy review. The hike in CRR is effective from 24 April, 2010 while repo and reverse repo rate hikes are applicable immediately. The market moved in a tight range in morning trade ahead of the RBI policy review and surged to hit fresh intraday high soon after the RBI's policy statement in mid-morning trade. The market trimmed gains after hitting a fresh intraday high in early afternoon trade. The market pared gains amid intense volatility in mid-afternoon trade. Firm global stocks also supported the domestic bourses. Interest rate sensitive banking, auto and realty stocks rose. But IT stocks fell. The Sensex and Nifty closed up by 0.3% and 0.5% respectively, while BSE Mid-cap and Small-cap indices were also up by 1.4% and 1.6% respectively.
The trend deciding level for the day is 17468/5232 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17541–17633/5255–5281 levels. However, if NIFTY trades below 17468/5232 levels for the first half-an-hour of trade then it may correct up to 17376–17303/5207–5183 levels.
Economic and Political News
• RBI guidelines on new banking licences by July’10 end
• Car loans rise 18% to Rs33,000cr in 2009-10
• SEBI seeks more information on FII investment structure
• Cotton exports halted to cool domestic prices
Corporate News
• Daiichi not to convert Ranbaxy warrants
• Rail damages hits NMDC iron ore supplies from Chattisgarh
• IFC (part of the World Bank group) to invest Rs330cr in IDFC
• Dena Bank seeks Rs1,300cr from Government
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