Dealer’s Diary
In a total reversal of course, the key benchmark indices turned negative in late trade as European stocks gave away initial gains and as US index futures fell. Banking, metal, auto and realty stocks reversed initial gains. The market surged in morning trade tracking gains in Asian stocks, and it extended gains in early afternoon trade as European stocks rose at the onset of the trading session. However, in the late trade, the market lost early gains as it tracked global indices. The Sensex and Nifty closed in green with gains of 0.2% and 0.3%, respectively. BSE small-cap index also closed up by 0.6%, while BSE mid-cap index ended the trading session flat. Among the front-liners, Reliance Communications, Reliance Infrastructure, Reliance Industries, Hero Honda and L&T were up by 1-11%, while Hindalco, Grasim, DLF, M&M and HDFC were down by 2-4%. In the mid-cap segment, JM Financial, Shree Renuka Sugars, Jai Corp, Balrampur Chini and REI Six Ten Retail were up by 5-9%, while Bajaj Finserv, Bayer CorpScience, Gee Kay Finance, Rajesh Exports and Tata Chemicals were down by 4-6%.
The trend deciding level for the day is 16547/ 4966 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16681 – 16891/5008 – 5072 levels. However, if NIFTY trades below 16547/ 4966 levels for the first half-an-hour of trade then it may correct up to 16336 – 16202/4902 – 4860 levels.
Economic and Political News
· With a 10% growth target, PM signals reforms
· PM sees 5% inflation by December 2010
· Direct Tax Code revised draft expected in June 2010
Corporate News
· Tata Chemicals to raise Rs400cr through preferential allotment
· Madras Cements will spend Rs600cr to raise capacity
· LIC picks a 2% stake in Adani Enterprises
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