Dealer’s Diary
The Indian indices witnessed a major fall for the second straight session, in line with global indices, after S&P downgraded ratings outlook for Greece and Portugal. The markets witnessed a gap-down opening, but sustained at the lower level for most part of the session. However, a sharp sell-off took the markets further down, as the major European markets opened deep in the red. Volatility was on the lower side, despite F&O expiry tomorrow. The Sensex and Nifty closed with a loss of 1.8% each. Markets witnessed a broad based sell-off as the BSE Mid-cap and Small-cap indices fell by 1.6% and 2.0%, respectively. Among the front-liners, Sun Pharma, SBI, ACC, HUL and NTPC were up by 0-2%, while JP Associates, RIL, Tata Steel, DLF and Tata Motors were down by 3-5%. In the Mid-cap segment, Motilal Oswal, Blue Dart, Cummins India, Gujarat Inds and Bajaj Finserv were up by 2-8%, while IB Real Estate, National Fertilisers, Bajaj Holdings, Whirlpool and Kirloskar Bros were down by 5-6%.
The trend deciding level for the day is 17456/5242 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17568 – 17755/5282 – 5348 levels. However, if NIFTY trades below 17456/5242 levels for the first half-an-hour of trade then it may correct up to 17269 – 17157/5176 – 5136 levels.
Economic and Political News
• Food Inflation to decline in coming months, economy to grow 8.5%: FM
• Govt. cancels 5 coal blocks for delay in production
• 3G bids seen entering final lap, price touches Rs8,914cr
Corporate News
• Tata, Actis to roll out US $2bn JV for road projects
• Jet may lose Rs826cr plot at Bandra-Kurla
• AT&T sells entire TechM stake for Rs600cr profit
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