Dealer’s Diary
Recovery in European stocks helped the domestic bourses wipe out almost the entire losses suffered earlier in the day, in what was a highly volatile trading session. Metal stocks fell as metal prices slumped on the LMEX. Banking stocks declined on fears that the RBI may resort to further monetary tightening to counter soaring inflation. High beta infrastructure stocks dropped. Telecom stocks saw a divergent trend. The Sensex and Nifty closed down 0.3% and 0.5%, respectively. The BSE Mid-cap was up by 0.3%, while the Small-cap index closed lower by 0.2%. Among the front-liners, Bharti Airtel, Wipro, Maruti Suzuki, M&M and NTPC were up by 1-3%, while JP Associates, Sterlite, Reliance Infrastructure, Hero Honda and HUL were down by 1-5%. In the mid-cap segment, Bajaj Fin Serv, Godrej Consumers, Patni Computers, UCO Bank and Indian Bank were up by 6-18%, while REI Agro, Prakash Industries, Gujarat NRE Coke, Aban Offshore and Videocon Industries were down by 3-7%.
The trend deciding level for the day is 17023 / 5110 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17187– 17286 / 5163 – 5202 levels. However, if NIFTY trades below 17023 / 5110 levels for the first half-an-hour of trade then it may correct up to 16924 – 16759 / 5071 – 5018 levels.
Economic and Political News
• Bank loans up 17% on yr as on Apr 23: RBI
• Govt to take up fresh SEZ proposals on June 8
• Petroleum Ministry seeks Rs19,620cr compensation for oil PSUs
Corporate News
• SAIL to set up power plant & greenfield steel mill by 2020
• Hewlett Packard India gets Rs1,450cr tax notice
• L&T on aggressive expansion abroad
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