Dealer’s Diary
The benchmark indices slumped, extending losses for the second straight day, as world stocks fell. Stocks were volatile. The market trimmed gains in early trade as Asian stocks gave away initial gains and came off the lower level in morning trade. However, it regained strength in mid-morning trade but the intraday recovery proved short-lived. The market once again slipped into the red to hit fresh intraday low in afternoon trade. After moving between the positive and negative terrain, the market witnessed a steep slide and extended losses in late trade. The Sensex and Nifty closed down 1.4% each. The BSE Midcap and Small-cap indices closed lower by 1.8% each. Among the front-liners, HDFC and Hero Honda were up by 0-1%, while Hindalco, Tata Steel, Sterlite, Grasim and Jaiprakash Associates were down by 3-6%.
The trend deciding level for the day is 17235 / 5178 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17367 – 17598 / 5221 – 5293 levels. However, if NIFTY trades below 17235 / 5178 levels for the first half-an-hour of trade then it may correct up to 17004 – 16872 / 5106 – 5063 levels.
Economic and Political News
· India attracts US $1.21bn FDI in March
· FM says no to rolling back hike in duties on petrol, diesel
· Government extends emission norms deadline for two-wheelers
· FDI in food processing sector may rise 27% in FY2011
Corporate News
· Glenmark in licensing deal with US co for cholesterol drug
· Welspun to acquire stake in Saudi pipe facility
· L&T Power inks pact with Howden of Britain
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