Dealer’s Diary
The market recovered in morning trade after an initial slide triggered by weak Asian stocks. However it weakened again later. The Sensex hit a fresh intraday low in early afternoon trade. Bargain hunting in some pivotals helped the key benchmark indices recover from a lower level in choppy afternoon trade. A selloff gripped the bourses in mid-afternoon trade, as European stocks slumped after Germany sharpened financial regulation, as a result of which the Sensex hit a 2.5 month low in late trade. The Sensex and Nifty closed down by 2.8% and 2.9%, respectively. The BSE Mid-cap and the Small-cap indices also closed down by 2.6% and 2.5%, respectively. Among the front-liners, Hero Honda, Cipla and Tata Power were up by 0.3-0.6%, while Tata Motors, Sterlite, ICICI Bank, M&M and RCom were down by 6-7%. In the mid-cap segment, 3MIndia, Berger Paints, South Indian Bank, Parsvnath Developers and Honeywell Auto were up by 2-7%, while Aban Offshore, Essar Ship Ports, Welspun Gujarat, GTL Infrastructure and Gujarat NRE Coke were down by 7-9%.
The trend deciding level for the day is 16528 / 4964 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16683 – 16957 / 5020 – 5121 levels. However, if NIFTY trades below 16528 / 4964levels for the first half-an-hour of trade then it may correct up to 16254 – 16099 / 4864 – 4807 levels.
Economic and Political News
· India's imports jump 43.3% in April
· 24 foreign investment proposals worth Rs1,412cr approved
· India may slap taxes, quotas to limit iron ore exports
Corporate News
· Bombay Dyeing sells Mumbai property to Axis Bank
· Ranbaxy recalls some batches of 3 drugs in Europe
· Reliance April crude imports up 42%
· Tata Power challenges Maharashtra Govt. directive
No comments:
Post a Comment