Dealer’s Diary
The Indian markets witnessed a positive opening following strong Asian markets and managed to sustain the gains for the day, registering a fifth straight session of gains. The markets traded in a narrow range for the session with fair amount of volatility as it entered the F&O expiry week. After opening in green, markets traded range-bound before slipping sharply in mid-afternoon. However, a gradual recovery through the mid-session saw the markets close in the green for the day. The Sensex and Nifty closed with gains of 0.3% and 0.4% respectively. The BSE Mid-cap and Small-cap indices outperformed the benchmark index with gains of 0.6% and 0.5% respectively. Among the front-liners, Sterlite Industries, HDFC, Hindalco Industries, HDFC Bank and M&M were up by 2-6%, while Sun Pharma, DLF, Maruti Suzuki, RIL and ICICI Bank were down by 2-5%. In the Mid-cap segment, Indian Bank, Great Offshore, Jain Irrigation, Gujarat NRE Coke and UTV Software were up by 6-14%, while State Bank of Mysore, Balrampur Chini, MVL, Mcleod Russel and United Bank were down by 3-4%.
The trend deciding level for the day is 17755/5321 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17817–17889/5343–5364 levels. However, if NIFTY trades below 17755/5321 levels for the first half-an-hour of trade then it may correct up to 17683–17620/5300–5278 levels.
Economic and Political News
• Govt. for discussion on FDI in multi-brand retail
• Inflation expectation may ease further: RBI
• FDI in Retail sector likely to be liberalised
Corporate News
• Govt. plans to hike ONGC gas price to US $4/mmbtu
• Gujarat NRE places US $90mn order for longwall systems
• Rajesh Exports to roll out 300 retail stores
• Welspun completes Rs156cr QIP
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