Dealer’s Diary
Sustained buying in index pivotals took the key benchmark indices to their highest levels in 25 months. Firm Asian stocks and higher US index futures underpinned sentiment. The market came off the higher level in early trade, after a firm opening triggered by positive global cues. The market surged to a fresh 25-month high in early afternoon trade. Stocks held firm in afternoon trade. The market extended gains in mid-afternoon trade to hit fresh 25-month highs. A buying frenzy in index pivotals in late trade helped indices register fresh multi-month highs later. The market breadth was strong. Auto stocks were in demand following good March monthly sales of auto firms. Metal stocks rose following firm prices on the London Metal Exchange. IT stocks declined in volatile trade on a firm rupee. The Sensex and Nifty gained 1.4% and 1.5%, respectively, while the BSE Mid-cap and Small-cap indices were up by 1.5% and 2%, respectively. Among the front-liners, Reliance Infra, Bharti Airtel, Hero Honda Motors, Tata Steel and DLF were up by 3-5%, while HUL, Grasim, TCS, L&T and ITC were down by 0-1%. In the mid-cap segment, Emami, Allahabad Bank, Nirma, Marico and Andhra Bank were up by 6-9%, while P&G, Asian Star, 3M India, EID Parry and Fortis Health were down by 2-5%.
The trend deciding level for the day is 17859/5346 levels. NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18025–18114/5400–5432 levels. However, if NIFTY trades below 17859/5346 levels for the first half-an-hour of trade then it may correct up to 17770–17604/5314–5260 levels.
Economic and Political News
· Tighter FDA rules sour local drug companies’ American dream
· SEBI tightens disclosure norms
· Foreign investment in Indian shares rises to all-time high of US $77.2bn
Corporate News
· McNally Bharat bags project worth Rs827cr
· Biocon to acquire CIMAB SA's stake in Biocon Biopharma
· Ankur Drugs and Pharma to acquire TVC Life Sciences
· MRPL to reduce term crude imports from Iran by ~8.5% to 130,000 bpd for FY2011
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