Dealer’s Diary
The key benchmark indices recovered after striking the lowest levels in nearly three months at the onset of the trading session on weak Asian stocks. The market opened the session in red; however, it recovered in mid-morning trade and made a fresh intraday high. Market weakened a little in the afternoon session before hitting an intraday high in the late trade. The Sensex and Nifty closed down by 0.4% and 0.3%, respectively. BSE Mid-cap and the Small-cap indices also closed down by 1.3% and 1.5%, respectively. Among the front-liners, ITC, M&M, Bharti Airtel, Maruti and ACC were up by 1-3%, while NTPC, Hindalco, Grasim, HUL and Tata Power were down by 3-4%. In the Mid-cap segment, Jain Irrigation, IFCI, Jubiliant Foodworks, Trent and Hindustan National Glass were up by 2- 7%, while Piramal Healthcare, Gujarat NRE Coke, Sun Pharma, OnMobile Global and Shree Cement were down by 7-12%.
Markets Today
The trend deciding level for the day is 16373/4907 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16559 – 16673/4971 – 5011 levels. However, if NIFTY trades below 16373/ 4907levels for the first half-an-hour of trade then it may correct up to 16260 – 16073/ 4867 – 4802 levels.
Economic and Political News
• BWA auctions to kick off on May 24, 11 companies to participate
• FM vows payout boost in renewed GST push
• FM hints at more taxes next year to check fiscal deficit
Corporate News
• Ranbaxy launches Lipitor generic drug in Canada
• Cyclone weakens: ONGC, RIL to resume production
• JK Lakshmi in talks to acquire Egyptian company for Rs800cr
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