Dealer’s Diary
Volatility was high right from the onset of the trading session. The benchmark indices edged lower in early trade on weak Asian stocks. The market cut losses in morning trade after hitting a fresh intraday low. However, the market weakened once again after turning positive for a brief period in mid-morning trade when it hit a fresh intraday high. Gains in European stocks pushed the market further higher, with the Sensex touching the psychological 17,000 level in afternoon trade. However, the market came off the higher level amid intense volatility in late trade. Consumer durables, capital goods and IT stocks gained. Oil exploration stocks rose as crude oil prices rebounded from 5 month lows. Auto stocks were mixed. Metal stocks fell. The Sensex and Nifty closed higher 0.2% and 0.1%, respectively. The BSE Mid-cap and the Small-cap indices closed up 0.4% and 0.7%, respectively. Among the front-liners, L&T, RCom, ONGC, Wipro and Grasim were up by 2-3%, while Tata Motors, Sterlite, HDFC Bank, ICICI Bank and Tata Power were down by 1-2%.
The trend deciding level for the day is 16873 / 5065 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17003 – 17130 / 5106 – 5146 levels. However, if NIFTY trades below 16873 / 5065 levels for the first half-an-hour of trade then it may correct up to 16746 – 16617 / 5025 – 4984 levels.
Economic and Political News
• Indian Bureau of Mines suspends mining operations in 90 mines
• GERC fixes tariff for biomass plants
• Govt may launch Nelp-IX in July’2010
• 3G: Pan-India bid touches Rs16,531cr
Corporate News
• Shree Renuka Sugar renegotiates Brazilian Equipav deal
• BSNL to invest Rs14,800cr this year and next
• Ansal to invest Rs1,500cr in complexes, Gurgaon township
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