Dealer’s Diary
The benchmark indices rebounded after two days of steep losses, but came off its highs in mid-morning trade. Later, the market regained strength and the Sensex hit a fresh intraday high in afternoon trade, as European stocks rose at the onset of the trading session. However, the market came sharply off the higher level in late trade. Intraday volatility was high as traders rolled over positions in the derivatives segment ahead of the expiry of the May 2010 contracts. Oil majors like ONGC and Oil India jumped after the government more than doubled the price of natural gas produced from nomination blocks. Telecom stocks were mixed after the 3G spectrum auctions ended. The Sensex and Nifty closed up by 0.7% and 0.6%, respectively. The BSE Mid-cap and Small-cap indices closed down 0.1% and 0.6%, respectively. Among the frontliners, ONGC, Sterlite, SBI, Reliance Infra and NTPC were up by 2-9%, while Jaiprakash Associates, DLF, Grasim, Maruti and Tata Power were down by 1- 3%.
Markets Today
The trend deciding level for the day is 16519 / 4951 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16619 – 16718 / 4977 – 5007 levels. However, if NIFTY trades below 16519 / 4951 levels for the first half-an-hour of trade then it may correct up to 16420 – 16320 / 4921 - 4895 levels.
Economic and Political News
• Govt. likely to raise power tariff: Power Minister
• India to launch oil block auctions in FY11: Official
• TRAI to complete consultation on 3G-2G price-linking by July 15, 2010
Corporate News
• RIL halts some KG output as cyclone approaches
• Panacea vaccine gets clean chit from WHO
• JSPL to acquire Oman steel firm for US $464mn
• ICICI-BoR deal faces Government hurdle
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