Dealer’s Diary
The key benchmark indices rebounded from the three-and-half month low hit early in the week, tracking recovery in global stocks. However, it soon pared gains on profit taking. The Sensex surged to a fresh intraday high in mid-afternoon trade and pared gains at the end of the trading session soon after hitting a fresh intraday high. The Sensex and Nifty closed with gains of 1.2% and 1.3%, respectively. BSE mid-cap and small-cap indices also closed with gains of 1.7% and 1.4%, respectively. Among the front-liners, RComm., Sterlite Industries, Jindal Steel, DLF and M&M were up by 3-6%, while Maruti Suzuki, HDFC Bank, L&T and Reliance Infrastructure were down by 0-1%. In the midcap segment, Parsvnath Developers, Shree Renuka Sugar, Fresenius Kabi Oncology, Pipavav Shipyard and Apollo Tyres were up 7-11%, while Hindusthan National Glass, Gee Kay Finance, Shree Global Tradefin, Rajesh Exports and Info Edge India were down 3-6%.
The trend deciding level for the day is 16816/ 5050 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16939 – 17014 / 5094 – 5121 levels. However, if NIFTY trades below 16816/ 5050 levels for the first half-an-hour of trade then it may correct up to 16740 – 16617/ 5022 - 4978 levels.
Economic and Political News
• Centre lines up Rs31,000cr for North-Eastern region infrastructure development
• Core Infrastructure sector growth slows to 5.1% in April 2010
• IMF chief sees faster global growth of 4.3%
Corporate News
• Dewan raises Rs500cr through QIP, preferential allotment
• Amtek Auto buys into Amtek India as a step to merger
• Reliance Power to buy Reliance Infra. power assets for Rs1,095cr
• Shell pays US $4.7bn for strategic natural gas play
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