Dealer’s Diary
Volatility ruled the roost as the key benchmark indices extended losses after a weak opening triggered by lower Asian stocks. Intermittent recovery was witnessed after a steep intraday slide. The market staged a strong intraday rebound in afternoon trade as European stocks recovered from initial fall. The recovery gathered steam in late trade; however the stocks weakened again at the fag end of the trading session. The Sensex and Nifty closed down 0.9% and 0.7%, respectively. The BSE Mid-cap and the Small-cap indices closed lower by 0.2% and 0.7%, respectively. Among the front-liners, L&T, HUL, SBI, Bharti Airtel and Cipla were up by 0-5%, while DLF, ACC, Wipro, Tata Motors and Jaiprakash Associates were down by 3-4%. In the mid-cap segment, Whirlpool, Piramal Health, Dena Bank, Karnataka Bank and Bayer Corp. were up by 5- 20%, while Prakash Industries, Gee Kay Finance, Aban Offshore, Punj Loyd and Jubilant Foodworks were down by 4-8%.
The trend deciding level for the day is 16783 / 5040 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17015 – 17194 / 5114 – 5169 levels. However, if NIFTY trades below 16783 / 5040 levels for the first half-an-hour of trade then it may correct up to 16604 – 16372 / 4986 – 4912 levels.
Economic and Political News
· NHAI board clears Rs6,500cr road projects
· Govt for 74% FDI in defence to overcome obsolescence
· Number of credit card holders slips to 18.3 mn in March’2010
· Bids for one all-India 3G licence hit US $3.54bn
Corporate News
· SAIL talks to Tata on JV; progress on Posco
· Mines ministry says no to Nalco divestment
· Strides gets FDA approval for HIV drug
· L&T Finance, L&T Infotech plan to tap capital market
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