Dealer’s Diary
The benchmark indices surged to fresh intraday highs in morning trade on positive global cues, with good earnings reports boosting sentiment. Later, the market moved in a range in mid-morning trade. However, in afternoon trade the market slipped into the red to hit a fresh intraday low. Thereafter, the market moved between the positive and negative terrain in mid-afternoon trade. The Sensex closed flat, while the Nifty closed higher by 0.3%. The BSE Mid-cap and Small-cap indices were up by 1.0% and 1.4%, respectively. Among the front-liners, Tata Motors, HUL, ICICI Bank, Jaiprakash Associates and Reliance Infra were up by 2-3%, while Sun Pharma, BHEL, L&T, RIL and Hindalco were down by 1-3%. In the Mid-cap segment, Honeywell Automation, Manappuram Gen., Coromandel Intl., Infotech and Gujarat Fluorochem were up by 7-9%, while Kirloskar Brothers, CRISIL, Blue Dart, Sunteck Realty and HMT were down by 3-8%.
Markets Today
The trend deciding level for the day is 17495/5247 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17543–17614/5264–5283 levels. However, if NIFTY trades below 17495/5247 levels for the first half-an-hour of trade then it may correct up to 17424–17376/5228–5211 levels.
Economic and Political News
· 3G spectrum bids up 90% to Rs6,634cr on tenth day
· RBI says prior nod must for private bank QIPs
· IMF pegs India growth at 8.75% in 2010
· Govt. grants Navratna status to OIL
Corporate News
· IOC to market bio-lubricant next year
· Glenmark gets a boost in cholesterol drug battle with Merck
· AI, Kingfisher, Jet resume Europe operations
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