Dealer’s Diary
The benchmark indices cut losses after an initial slide triggered by weak global stocks which fell on lingering worries about sovereign debt issues in the euro zone. In mid morning trade, the market trimmed losses after hitting fresh intraday low. Later, in afternoon trade, a steep slide took the Sensex to a fresh intraday low. However, as European markets reversed early losses and bargain hunting in few counters helped the indices pare losses. FMCG and Pharma stocks rose on defensive buying. While, Realty and IT stocks were down, Banking and Auto stocks were mixed. Volatility was high. But in late trade, the market weakened once again and ended a choppy trading session lower with the Sensex falling below the psychological 17,000 level after flirting with that level throughout the day. The Sensex and Nifty closed down 0.6% and 0.7%, respectively. The BSE Mid-cap and the Small-cap indices closed lower by 0.5% and 0.1%, respectively. Among the front-liners, Cipla, HUL, Grasim, SBI and ONGC were up by 1-3%, while Tata Motors, Reliance Communication, Bharti Airtel, Wipro and HDFC were down by 2-3%.
The trend deciding level for the day is 16966 / 5085 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17109 – 17230 / 5131 – 5172 levels. However, if NIFTY trades below 16966 / 5085 levels for the first half-an-hour of trade then it may correct up to 16845 – 16702 / 5044 – 4997 levels.
Economic and Political News
· PE transactions in India rise three-fold to US $840 mn in Apr’2010
· India's FY10 exports have dropped by 4.6% yoy to US $176.5bn: trade secy
· The Government announced not to allow FDI in housing projects for urban poor
Corporate News
· NTPC to pump Rs45,000cr in 500 MW clean energy projects
· Glenmark enters into licensing pact with Taro's US arm
· Aurobindo gets Canada nod for pain killer
· PVR targets Rs100cr capex; 60-80 new screens in FY11
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