Dealer’s Diary
Volatility ruled the roost as the key benchmark indices came sharply off the higher level in the last one hour of trade. The market surged in mid-morning trade with the Sensex hitting a fresh intraday high and trimmed gains in early afternoon trade caused by weak Asian stocks. A steep slide was witnessed in late trade as European stocks faltered on worries over Greece's financial position. IT, capital goods, realty and metal stocks fell. The Sensex and Nifty closed higher by 0.6% and 0.5% respectively. The BSE Mid-cap indices were down by 0.1%, while Small-cap indices closed up by 0.1%. Among the front-liners, SBI, Tata Motors, HUL, RIL and Jaiprakash Associates were up by 2-6%, while Sun Pharma, Tata Steel, DLF, ACC and Reliance Infrastructure were down by 1-2%. In the Mid-cap segment, Sterlite Technologies, Gammon Infrastructure, Rashtriya Chemicals, Novartis India and UCO Bank were up by 4-9%, while Honeywell Auto, Hindusthan National Glass & Industries, Kirloskar Brothers, Sobha Developers and 3M India were down by 5-10%.
Markets Today
The trend deciding level for the day is 17587/5274 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17766–17957/5327–5385 levels. However, if NIFTY trades below 17587/5274 levels for the first half-an-hour of trade then it may correct up to 17395–17216/5216–5163 levels.
Economic and Political News
• Food inflation climbs further to 17.7%
• Number of domestic flyers up 21% in Jan-Mar
• 3G bids reach Rs6,877cr on day 11
Corporate News
• NTPC may sign pact for additional KG-D6 gas
• Bharat Forge launches US$150mn QIP issue
• M&M slashes Logan prices by Rs24,000-80,000
• Bajaj Hindusthan to invest Rs15,000cr in UP
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