Dealer’s Diary
Key benchmark indices fell to their lowest level in over 3 months as world stocks slumped amid tensions in Korea, anxiety over global debt levels and sovereign default fears. The market opened on a weak note, tracking lower Asian stocks and extended losses with the Sensex dropping to its lowest level in 3 months in mid-morning trade. The market slipped to its fresh 3-month low in early afternoon trade. The market extended losses in mid-afternoon trade to finally close the trade in red. Sensex and Nifty closed down by 2.7% and 2.8%, respectively. BSE mid cap and small cap also ended the trade in red, down 3% and 3.4%, respectively. Among the front-liners, only Cipla was up 0.1%, while Reliance Comm., Hindalco, Tata Motors, Sterlite and Tata Steel were down 4- 6%. In the mid-cap segment, GCPL, IL&FS Transport, IGL, Redington India and Brigade Enterprises were up 2-5%, while Shree Global Tradefin, Rajesh Exports, Hotel Leela Venture, REI Six Ten Retail and IVRCL Infra were down 8-14%.
The trend deciding level for the day is 16142/4847 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16325– 627/4907– 5007 levels. However, if NIFTY trades below 16142/4847 levels for the first half-an-hour of trade then it may correct up to 15840 – 15658/4747 – 4686 levels.
Economic and Political News
• Finmin rejects DOT’s call to draw landline licence fee
• Foreign NBFCs may get back flexibility in setting up arms
• Govt. plans to keep deficit targets off FRBM, wants leeway in times of crisis
Corporate News
• Hotel Leela plans to raise Rs375cr through FCCB
• GMR Infra plans to raise Rs5,000cr to fund its expansion plans
• Lupin gets USFDA nod for high blood pressure tablets
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