Dealer’s Diary
The key benchmark indices opened strong as metal, auto, capital goods and IT stocks gained on fresh buying. However, volatility in the market ensued as traders rolled over positions in the derivatives segment from May 2010 series to June 2010 series. The market remained strong in afternoon trade on firm European stocks. Gains extended in late trade as world stocks rose after China signaled support for the euro zone. The Sensex and Nifty closed with gains of 1.7% each. BSE mid-cap and small-cap indices, however, underperformed the benchmark indices, closing with gains of 0.9% and 0.8%, respectively. Among the front-liners, Tata Motors, ONGC, Sterlite, HDFC Bank and Reliance Comm. were up by 3-5%, while ACC, Bharti Airtel, Cipla and Hero Honda were down by 0-2%. In the mid-cap segment, TV18, MVL, REI Agro, Apollo Hospitals and Fortis Healthcare were up by 7-10%, while GSFC, Shree Global Tradefin, Gee Kay Finance, DCHL and Max India were down by 4-7%.
The trend deciding level for the day is 16564/4972 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16797–16927/5047 – 5091 levels. However, if NIFTY trades below 16564/4972 levels for the first half-an-hour of trade then it may correct up to 16433–16201/4928 - 4853 levels.
Economic and Political News
· Liquidity is comfortable, RBI steps pre-emptive say Bankers
· US $40bn private investment needed to bridge road deficit: Kamal Nath
· Three ministries oppose PMO-backed purchase plan from SMEs
Corporate News
· Promoters may invest Rs1,330cr in Tata Steel, hike stake by 3%
· Fortis may have to fight for Parkway control
· Actis to buy GVK’s power business for nearly Rs1,000cr
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