The market remained volatile throughout the day. It moved into the positive zone soon after an initial slide triggered by weak Asian stocks. The market pared its gains later, after hitting a fresh intraday high. A weak opening of European markets dragged the key indices to fresh intraday lows in afternoon trade. The market cut its losses in mid-afternoon trade but slumped again in late trade. The Sensex and Nifty closed down by 1.6% and 1.7%, respectively. The BSE Mid-cap and Small-cap indices closed lower by 1.1% and 1.4%, respectively. Among the front-liners, Bharti Airtel, ITC, Grasim and ACC were up by 0-2%, while Tata Steel, SBI, Sterlite, Hindalco and JP Associates were down by 3-5%. In the mid-cap segment, BF Utlities, Sun Pharma Advanced Research, Godrej Industries, Bajaj Finserv and MRF were up by 4-11%, while Aban Offshore, Hindustan Oil, Jubilant Foodworks, Hindusthan National Glass and Simplex Infrastructure were down by 5-18%.
The trend deciding level for the day is 17083 / 5119 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17241 – 17488 / 5167 – 5241 levels. However, if NIFTY trades below 17083 / 5119 levels for the first half-an-hour of trade then it may correct up to 16836 – 16677 / 5045 – 4997 levels.
Economic and Political News
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Corporate News
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• SLDC snubs Tata Power, supports R-Infra
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