Dealer’s Diary
The key benchmark indices extended gains in late trade, in a highly volatile session, as traders rolled over positions in the derivatives segment from the April 2010 series to the May 2010 series, ahead of the near-month April 2010 contracts. The rally in late trade was led by two index heavyweights -- RIL and ICICI Bank. Gains in European stocks and higher US index futures underpinned investors' sentiment. The market breadth was strong as small and mid-cap stocks participated in the rally. The Sensex and Nifty ended the session in green with gains of 0.7% each. The BSE Mid-cap and Small-cap indices outperformed the benchmark indices and closed higher by 1.1% and 1.3%, respectively. Among the front-liners, ICICI Bank, Tata Motors, Tata Power, RIL and SBI were up by 2-3%, while HUL, Sun Pharma, TCS, Grasim Industries and ACC were down by 2%. In the Mid-cap segment, Eicher Motors, HSBC Investdirect, Corporation Bank, Jet Air India and Cummins India were up by 8-17%, while Mindtree, Motilal Oswal, Marico, IOB and Triveni Engineering were down by 3-10%.
The trend deciding level for the day is 17473 / 5245 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17564 – 17624 / 5275 – 5295 levels. However, if NIFTY trades below 17473 / 5245 levels for the first half-an-hour of trade then it may correct up to 17413 – 17322 / 5225 – 5195 levels.
Economic and Political News
· Govt. signs 140 lakh tonnes fertilizer import deals in FY2011 so far
· Finance Minister exempts housing for urban poor from service tax
· New hospital anywhere in India with at least 100 beds to get tax breaks: FM
· State oil firms to lose Rs85,000cr in revenues on selling fuel below cost in current fiscal
Corporate News
· CESC plans Rs3,200cr power plant
· Marg raises Rs106cr through QIP
· RIL looks to ride Atlas to retail brand in US
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