Dealer’s Diary
The key benchmark indices ended the trading session flat amid high volatility. The market opened firm, but slipped into the red in afternoon trade, weighed by data showing lower-than-expected growth in industrial production in March, 2010. Gains from Reliance Industries and positive cues from the European indices pulled the market into the green in mid-afternoon trade. However, a fall in US index futures saw the market pare its gains in the closing session of trade. The Sensex and Nifty ended the session almost flat, up by a marginal 0.3% and 0.4%, respectively. The BSE Mid-cap index was up by 0.1%, while the Small-cap index was down by 0.3%. Among the front-liners, ITC, Wipro, SBI, Tata Power and RIL were up by 1-2%, while Bharti Airtel, M&M, JP Associates, BHEL and ACC were the down by 1-8%. In the Mid-cap segment, Bajaj Finserv, Zuari Industries, Jubilant Organosys, Blue Star and Berger Paints were up by 4-8%, while Gee Kay Finance, Onmobile Global, Gammon India, Hindusthan Natural Glass and Gujarat NRE Coke were down by 4-6%.
The trend deciding level for the day is 17159/5143 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17290 – 17383/ 5187 – 5217 levels. However, if NIFTY trades below 17159/ 5143 levels for the first half-an-hour of trade then it may correct up to 17065 – 16934/ 5113 – 5069 levels.
Economic and Political News
• FM pegs 2010-11 GDP growth at 8.4%
• Capital flows pose risk, RBI says all options open
• Steel consumption up 9.6% in April
Corporate News
• Cadila Healthcare gets nod for H1N1 vaccine in India
• Educomp bags Rs50cr order from Bihar
• R power may build gas-fired plant in AP
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