Dealer’s Diary
The market opened marginally in red after taking cues from weak Asian indices. The market continued to slide throughout the session, with expectations of a slowdown in Chinese economic growth. The market slipped further in afternoon session, as weak opening by European indices added to the negative sentiment. However, the market found support at intraday low in the final session, as investors engaged in value buying. Metal stocks tumbled after the Conference Board in China corrected down its April 2010 gauge for the outlook of China's economy. The Sensex and Nifty closed with gains of 1.4% and 1.5%, respectively. However, BSE mid-cap and small-cap indices fared better as they fell by just 0.7% and 0.6%, respectively. Among the front-liners, L&T, Bharti Airtel and ONGC were up by nearly 0.2%, while Hindalco, Reliance Comm, Tata Steel, Reliance Infra and Jindal Steel were down by 3–4%. Among midcaps, Astrazeneca Pharma, TVS Motor, JM Financial, ING Vysya Bank and IBN18 Broadband were up by 5–20%, while Hathway Cable, Max India, Edelweiss Capital, EID Parry and Rajesh Exports declined by 4–8%.
The trend deciding level for the day is 17593 / 5275 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17719 – 17905 / 5315 – 5374 levels. However, if NIFTY trades below 17593 / 5275 levels for the first half-an-hour of trade then it may correct up to 17407 – 17280 / 5217 – 5177 levels.
Economic and Political News
• Rajasthan Electronics & Instruments Ltd., a JV of the Central and Rajasthan government,received Rs300cr order to set up solar power packs in Rajasthan
• Safeguard duty on soda ash imports extended
• National Advisory Council meet likely to discuss Food Security Bill
Corporate News
• Uflex to invest Rs1,150cr in two years on capacity expansion
• ONGC to sign 17 new oil and gas block contracts
• Vascon Engg. to develop over 10mn sq. ft. in FY2011
• Pantaloon Retail allots 1cr warrants to promoters
Tuesday, June 29, 2010
Monday, June 28, 2010
Market Outlook---June 29, 2010
Dealer’s Diary
The market opened on a positive note, as the partial decontrol of fuel prices last week and expectations of a good monsoon boosted sentiments. The indices traded in a narrow band until afternoon session before a swift sell-off took the market to its intraday low. However, strong buying at lower levels helped the market to recover and close at the day’s high. Intraday volatility was high but the market breadth was strong led by oil and gas, auto, metal, realty and sugar stocks. The Sensex and Nifty closed with gains of 1.1% and 1.2%, respectively. BSE mid-cap and small-cap indices also gained in line with the Sensex, rising by 1.1% each. Among the front-liners, Reliance Comm., Reliance Infra, ONGC, Tata Motors and RIL were up by 2–5%, while ITC, Jindal Steel, Hero Honda, HUL and Maruti were down by 0–2%. Among mid caps, Balrampur Chini, Indiabulls Power, EID Parry, Sun Pharma and Honeywell Auto were up by 7–9%, while REI Six Ten Retail, Kansai Nerolac, Allcargo Global, United Breweries and HOEC declined by 2–4%.
The trend deciding level for the day is 17714 / 5315 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17855 – 17937 / 5358 – 5383 levels. However, if NIFTY trades below 17714 / 5315 levels for the first half-an-hour of trade then it may correct up to 17632 – 17491 / 5290 – 5246 levels.
Economic and Political News
· Core sector grows 5% in May
· India's auto export may grow 15% this fiscal, says Jt. Secy, Dept. of Heavy Industry
· Agriculture credit flow exceeds target by 13% in FY2010
· Eredene Capital consortium wins Ennore Terminal bid
Corporate News
· BHEL’s equipment generated record power in 2009–10
· Venus Remedies gets patent for pneumonia drug in New Zealand
· Tata Power to set up a 150MW wind power plant in Maha, TN
· Rolta acquires PCI Geomatics licenses
Sunday, June 27, 2010
Market Outlook---June 28, 2010
Dealer’s Diary
The markets opened flat with a negative bias and continued to trade lower on weak Asian cues. Later the markets slipped further on back of high selling pressure as investors awaited the outcome of the EGoM meeting on freeing of fuel prices. However, the domestic market managed to recover from the day’s low in early afternoon trade before a significant decline in the last session as the government gave its approval for deregulating fuel prices. Finally, Sensex and Nifty closed down by 0.9% and 1.0%, respectively. However, BSE mid-cap and small-cap indices performed relatively better and were down by 0.7% and 0.5%, respectively. Among the front-liners, ONGC, RCOM, Cipla, RIL and Maruti were up by 1–6%, while Sterlite Ind., ICICI Bank, M&M, Wipro and HDFC Bank were down by 2–3%. Among mid-caps, MVL, GTL Infra, Astrazeneca Pharma, Alstom Projects and Gee Kay Finance were up by 4–8%, while KGN Ind., Berger Paints, Andrew Yule, Karnataka Bank and Dishman Pharma declined by 3–6%.
The trend deciding level for the day is 17612 / 5283 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17677 – 17780 / 5306 – 5344 levels. However, if NIFTY trades below 17612 / 5283 levels for the first half-an-hour of trade then it may correct up to 17509 – 17444 / 5246 – 5223 levels.
Economic and Political News
• IMD revises monsoon forecast to 102% of LPA
• Govt. pumps Rs31.2bn capital in IDBI Bank
• Govt. to revise tax information exchange treaty with 65 countries
Corporate News
• M&M plans to invest Rs250cr in aerospace business
• Essar Oil gets 4 coal bed methane blocks
• Zenith Birla announces bonus shares
• MMTC invites bids to import 6,000 tonnes of edible oil
The markets opened flat with a negative bias and continued to trade lower on weak Asian cues. Later the markets slipped further on back of high selling pressure as investors awaited the outcome of the EGoM meeting on freeing of fuel prices. However, the domestic market managed to recover from the day’s low in early afternoon trade before a significant decline in the last session as the government gave its approval for deregulating fuel prices. Finally, Sensex and Nifty closed down by 0.9% and 1.0%, respectively. However, BSE mid-cap and small-cap indices performed relatively better and were down by 0.7% and 0.5%, respectively. Among the front-liners, ONGC, RCOM, Cipla, RIL and Maruti were up by 1–6%, while Sterlite Ind., ICICI Bank, M&M, Wipro and HDFC Bank were down by 2–3%. Among mid-caps, MVL, GTL Infra, Astrazeneca Pharma, Alstom Projects and Gee Kay Finance were up by 4–8%, while KGN Ind., Berger Paints, Andrew Yule, Karnataka Bank and Dishman Pharma declined by 3–6%.
The trend deciding level for the day is 17612 / 5283 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17677 – 17780 / 5306 – 5344 levels. However, if NIFTY trades below 17612 / 5283 levels for the first half-an-hour of trade then it may correct up to 17509 – 17444 / 5246 – 5223 levels.
Economic and Political News
• IMD revises monsoon forecast to 102% of LPA
• Govt. pumps Rs31.2bn capital in IDBI Bank
• Govt. to revise tax information exchange treaty with 65 countries
Corporate News
• M&M plans to invest Rs250cr in aerospace business
• Essar Oil gets 4 coal bed methane blocks
• Zenith Birla announces bonus shares
• MMTC invites bids to import 6,000 tonnes of edible oil
Friday, June 25, 2010
Market Outlook---June 25, 2010
Dealer’s Diary
The market edged higher in early trade, tracking firm Asian stocks. The market pared gains after hitting a fresh intraday high in early afternoon trade and slipped into the red in afternoon trade as European stocks declined. Immense volatility was witnessed in the last one hour of trade as traders rolled over positions in the derivatives segment as the near-month June 2010 derivatives contracts expired on June 24, 2010. US Federal Reserve's more downbeat language on US economic growth weighed on investor sentiments globally. The Sensex and Nifty closed down by 0.1% each. However, BSE mid-cap and smallcap indices closed up by 0.1% and 0.2%, respectively. Among the front-liners, HUL, L&T, Hero Honda, ITC and HDFC were up by 1–2%, while Reliance Infrastructure, ICICI Bank, Maruti Suzuki, TCS and Sterlite Industries were down by 1–2%. Among mid-caps, REI Six Ten, Hindustan Oil, TVS Motor, Godrej Properties and Godrej Industries were up by 7–12%, while MVL, Kwality Dairy, BGR Energy, Honeywell Auto and Patni Computer declined by 3–6%.
The trend deciding level for the day is 17736 / 5318 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17840 – 17949 / 5351 – 5382 levels. However, if NIFTY trades below 17736 / 5318 levels for the first half-an-hour of trade then it may correct up to 17627–17523 / 5287–5254 levels.
Economic and Political News
· RBI permits zero-coupon NCDs
· Top US senator to visit India to advance Indo-US ties
· Oil extends losses on demand concerns
· Govt. to release less sugar in open market during July
Corporate News
· Petronet LNG may not buy spot LNG cargo till December
· HCL Corp. has sold 2.5% stake in HCL Tech for Rs580cr
· Alstom JV with BHEL, NPCIL to supply equipment for nuclear project
Shree Renuka Sugars to pay 25% less for Equipav
Tuesday, June 22, 2010
Market Outlook---June 23, 2010
Dealer’s Diary
The key benchmark indices slumped to fresh intraday lows in late trade as European stocks extended losses and US index futures turned negative. Reliance Industries edged lower in volatile trade, while metal, banking and IT stocks fell. The market dropped in early trade as most Asian stocks fell. It trimmed losses before weakening once again in morning trade. Intraday volatility was high as traders rolled over positions in the derivatives segment. Both the Sensex and Nifty closed down by 0.7% each. The BSE mid-cap index closed down by 0.02%, while the small-cap index closed up by 0.1%. Among the front-liners, HUL, ITC and Tata Power were up by 3–5%, while Sterlite Industries, ACC, Jaiprakash Associates, Jindal Steel and Tata Steel were down by 2–3%. Among the mid-caps, Sterlite Technologies, Karnataka Bank, Dishman Pharma, Essar Ship Ports and Geekay Finance were up by 5–8%, while Kwality Dairy, KGN Industries, Yes Bank, DB Corp. and HCL Infosystems declined by 3–5%.
The trend deciding level for the day is 17781 / 5327 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17837 – 17924 / 5344 – 5371 levels. However, if NIFTY trades below 17781 / 5327levels for the first half-an-hour of trade then it may correct up to 17694 – 17639/ 5300 – 5284 levels.
Economic and Political News
• Government to take up new SEZ requests on July 13
• Murli Deora hints at fuel price increase
• Auto, taxi fares up in Delhi; Mumbai may follow suit
Corporate News
• Reliance Industries to pay US $1.35bn for 45% stake in Pioneer field
• Tata Steel's Rs15-lakh-crore Jamshedpur expansion plan gets MoEF nod
• GVK's 800MW power project in AP to be built by Hyundai, L&T
• Sun settles patent row over Parkinson's drugs with Orion
• Steel Exchange to set up Rs315cr power plant
The key benchmark indices slumped to fresh intraday lows in late trade as European stocks extended losses and US index futures turned negative. Reliance Industries edged lower in volatile trade, while metal, banking and IT stocks fell. The market dropped in early trade as most Asian stocks fell. It trimmed losses before weakening once again in morning trade. Intraday volatility was high as traders rolled over positions in the derivatives segment. Both the Sensex and Nifty closed down by 0.7% each. The BSE mid-cap index closed down by 0.02%, while the small-cap index closed up by 0.1%. Among the front-liners, HUL, ITC and Tata Power were up by 3–5%, while Sterlite Industries, ACC, Jaiprakash Associates, Jindal Steel and Tata Steel were down by 2–3%. Among the mid-caps, Sterlite Technologies, Karnataka Bank, Dishman Pharma, Essar Ship Ports and Geekay Finance were up by 5–8%, while Kwality Dairy, KGN Industries, Yes Bank, DB Corp. and HCL Infosystems declined by 3–5%.
The trend deciding level for the day is 17781 / 5327 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17837 – 17924 / 5344 – 5371 levels. However, if NIFTY trades below 17781 / 5327levels for the first half-an-hour of trade then it may correct up to 17694 – 17639/ 5300 – 5284 levels.
Economic and Political News
• Government to take up new SEZ requests on July 13
• Murli Deora hints at fuel price increase
• Auto, taxi fares up in Delhi; Mumbai may follow suit
Corporate News
• Reliance Industries to pay US $1.35bn for 45% stake in Pioneer field
• Tata Steel's Rs15-lakh-crore Jamshedpur expansion plan gets MoEF nod
• GVK's 800MW power project in AP to be built by Hyundai, L&T
• Sun settles patent row over Parkinson's drugs with Orion
• Steel Exchange to set up Rs315cr power plant
Monday, June 21, 2010
Market Outlook---June 22, 2010
Dealer’s Diary
The key indices surged after China announced over the weekend that it will allow its currency more freedom to move against the US dollar, which should spur its economic growth. An end to the row over regulation of Unit Linked Insurance Products (ULIPs) and firm Asian stocks, aided the rally on the domestic bourses. Metals and realty shares rallied. The market extended gains in morning trade, remained range bound in early afternoon trade and pared gains after hitting fresh intraday highs in mid-afternoon trade. Both the Sensex and Nifty closed up by 1.7% each, while the BSE mid-cap and small-cap indices closed up by 1.3% and 1.2%, respectively. Among the front-liners, Sterlite Industries, Tata Steel, Hindalco Industries, ICICI Bank and JP Associates were up by 4–8%, while HDFC Bank and Bharti Airtel were the only losers, which ended down by 0.3% and 0.1%, respectively. Among the mid-caps, Edelweiss Capital, Fresenius Kabi, Mahindra Lifespace Developers, India Infoline and Geekay Finance were up by 5–19%, while Kwality Dairy, IBN18 Broadcast, Patni Computer Systems, KGN Industries and GTL declined by 2–5%.
Markets Today
The trend deciding level for the day is 17817/5329 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17979–18082/5391–5429 levels. However, if NIFTY trades below 17817/5329 levels for the first half-an-hour of trade then it may correct up to 17714–17552/5291–5229 levels.
Economic and Political News
· Yuan rises to the highest level against dollar in modern era
· IT Dept may demand Rs8,500cr tax over transfer pricing
· Karnataka clears 69 new investment proposals
· To promote multiplexes in HP, government exempts entertainment tax for five years
Corporate News
· National Textile Corporation eyes Rs750cr from Mumbai mill sell-off
· Saudi Binladin Group makes 20% open offer for Maytas Infra
· Jyothy Labs board okays raising Rs300cr via QIP
Thursday, June 17, 2010
Market Outlook --- June 18, 2010
Dealer’s Diary
The market opened flat and traded volatile through the entire session on Thursday. The key benchmark indices propelled to new one- and a- half month highs in late trades, as worries about Euro-zone sovereign debt retreated after a largely successful Spanish bond auction. All sectoral indices ended in the green. The Sensex and Nifty closed with gains of 0.9% and 0.8%, respectively. However, the BSE Mid and Small-cap indices underperformed the benchmark indices ending with gains of 0.4% and 0.6%, respectively. Among the frontliners, L&T, Tata Motors, Jaiprakash Associates, RCom and Jindal Steel were up by 2–3%, while Hero Honda, HUL, Tata Steel, SBI and BHEL ended 0–1% lower. Among the Mid-caps, Lakshmi Mach, Indraprastha Gas, Gujarat NRE Coke, Indiabulls Finance, and Gee Kay Finance were up by 5–11%, while Religare Enterprises, Kwality Dairy, Sadbhav Engineering, Anant Raj Industries and Monsanto India declined by 4–7%.
Markets Today
The trend deciding level for the day is 17553/5256 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17711– 7806/ 5305 – 5335 levels. However, if NIFTY trades below 17553/ 5256 levels for the first half-an-hour of trade then it may correct up to 17459–17300/ 5226 - 5177 levels.
Economic and Political News
• GDP likely to grow 9.2% this fiscal: CMIE
• Food inflation eases to 16.12% in early June
• RBI, Rangarajan talk of freeing interest rates
Corporate News
• Reliance industries may acquire 26% stake in Pipavav Shipyard
• Religare to buy boutique AMCs in US and merge the corpus to reach US $40bn
• Mindtree bags UID deal to develop applications
The market opened flat and traded volatile through the entire session on Thursday. The key benchmark indices propelled to new one- and a- half month highs in late trades, as worries about Euro-zone sovereign debt retreated after a largely successful Spanish bond auction. All sectoral indices ended in the green. The Sensex and Nifty closed with gains of 0.9% and 0.8%, respectively. However, the BSE Mid and Small-cap indices underperformed the benchmark indices ending with gains of 0.4% and 0.6%, respectively. Among the frontliners, L&T, Tata Motors, Jaiprakash Associates, RCom and Jindal Steel were up by 2–3%, while Hero Honda, HUL, Tata Steel, SBI and BHEL ended 0–1% lower. Among the Mid-caps, Lakshmi Mach, Indraprastha Gas, Gujarat NRE Coke, Indiabulls Finance, and Gee Kay Finance were up by 5–11%, while Religare Enterprises, Kwality Dairy, Sadbhav Engineering, Anant Raj Industries and Monsanto India declined by 4–7%.
Markets Today
The trend deciding level for the day is 17553/5256 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17711– 7806/ 5305 – 5335 levels. However, if NIFTY trades below 17553/ 5256 levels for the first half-an-hour of trade then it may correct up to 17459–17300/ 5226 - 5177 levels.
Economic and Political News
• GDP likely to grow 9.2% this fiscal: CMIE
• Food inflation eases to 16.12% in early June
• RBI, Rangarajan talk of freeing interest rates
Corporate News
• Reliance industries may acquire 26% stake in Pipavav Shipyard
• Religare to buy boutique AMCs in US and merge the corpus to reach US $40bn
• Mindtree bags UID deal to develop applications
Wednesday, June 16, 2010
Market Outlook---June 17, 2010
Dealer’s Diary
Key benchmark indices opened on a firm note on higher advance tax payment by most Indian firms and on strong global cues. The market gave up most of the gains in afternoon trade as lower US index futures encouraged profit taking. However, the market bounced back after briefly slipping into the red in afternoon trade and pared gains in late trade as select indices declined on profit booking. The Sensex and Nifty closed flat with gains of 0.3% and 0.2%, respectively. BSE mid-cap and the small-cap indices underperformed the benchmark indices to close with gains of 0.1% and 0.2%, respectively. Among the front-liners, M&M, Tata Motors, ICICI Bank, Sterlite Industries and DLF were up by 2–4%, while ACC, HUL, Bharti Airtel, Cipla and Tata Steel were down by 1–2%. In the mid-cap segment, MTNL, Bajaj Electricals, Gammon Infra., Tata Teleservices and Honeywell Auto were up by 6–10%, while Kwality Dairy, Syndicate Bank, Sadbhav Engineering, IFCI and Dena Bank were down 3–5%.
The trend deciding level for the day is 17467/5235 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17526–17590/5254– 5275 levels. However, if NIFTY trades below 17467/5235 levels for the first half-an-hour of trade then it may correct up to 17403–17344/ 5214–5194 levels.
Economic and Political News
• New holding norms may force delisting of 13 PSUs
• ULIPs, equity MFs to lose tax cover in new-look code
• Govt. allows 10,000T of sugar exports to EU
• World bank approves two projects worth US $372mn to Karnataka
Corporate News
• Essar Oil raises US $115mn via FCCB issue
• RCom. looks to selling 26% stake in Globalcom
• SBI will enter wealth management business to set up pvt. equity fund
• Vedanta’s India unit to import 300,00T coal
Key benchmark indices opened on a firm note on higher advance tax payment by most Indian firms and on strong global cues. The market gave up most of the gains in afternoon trade as lower US index futures encouraged profit taking. However, the market bounced back after briefly slipping into the red in afternoon trade and pared gains in late trade as select indices declined on profit booking. The Sensex and Nifty closed flat with gains of 0.3% and 0.2%, respectively. BSE mid-cap and the small-cap indices underperformed the benchmark indices to close with gains of 0.1% and 0.2%, respectively. Among the front-liners, M&M, Tata Motors, ICICI Bank, Sterlite Industries and DLF were up by 2–4%, while ACC, HUL, Bharti Airtel, Cipla and Tata Steel were down by 1–2%. In the mid-cap segment, MTNL, Bajaj Electricals, Gammon Infra., Tata Teleservices and Honeywell Auto were up by 6–10%, while Kwality Dairy, Syndicate Bank, Sadbhav Engineering, IFCI and Dena Bank were down 3–5%.
The trend deciding level for the day is 17467/5235 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17526–17590/5254– 5275 levels. However, if NIFTY trades below 17467/5235 levels for the first half-an-hour of trade then it may correct up to 17403–17344/ 5214–5194 levels.
Economic and Political News
• New holding norms may force delisting of 13 PSUs
• ULIPs, equity MFs to lose tax cover in new-look code
• Govt. allows 10,000T of sugar exports to EU
• World bank approves two projects worth US $372mn to Karnataka
Corporate News
• Essar Oil raises US $115mn via FCCB issue
• RCom. looks to selling 26% stake in Globalcom
• SBI will enter wealth management business to set up pvt. equity fund
• Vedanta’s India unit to import 300,00T coal
Tuesday, June 15, 2010
Market Outlook---June 16, 2010
Dealer’s Diary
The key benchmark indices opened trade on a firm note, tracking their Asian counterparts with the Sensex and Nifty hitting their highest level in more than a month at the onset of the trading session. However, fresh selling pulled the market in red in early afternoon trade. In the afternoon session, the market tracking European indices pulled into green after Europe reversed early losses. Intraday volatility ensued and the market pared all gains towards the fag end of the trading session. The Sensex and Nifty closed flat with gains of 0.4% and 0.5%, respectively. BSE mid-cap and the small-cap indices also ended in green with gains of 0.4% and 0.9%, respectively. Among the front-liners, Reliance Communications, Sterlite Industries, DLF, JP Associates and Reliance Infra were up by 2–4%, while ONGC, TCS, Maruti Suzuki, M&M and Cipla were down by 1–3%. In the mid-cap segment, BOC India, Fresenius Kabi Oncology, Godrej Properties, National Fertilizers and Alfa Laval were up by 5–20%, while MVL, Kwality Dairy, IRB Infra, Patni Computers and Apollo Tyres were down by 3–5%.
The trend deciding level for the day is 17368/5208 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17487–17561/ 5246 – 5269 levels. However, if NIFTY trades below 17368/5208 levels for the first half-an-hour of trade then it may correct up to 17294 – 17175/ 5185 - 5148 levels.
Economic and Political News
· Direct Taxes Code watered down to keep all happy
· Import of sensitive items soars 40.5% in 2009-10
· Government will extent JNNURM to 28 more cities says Jaipal Reddy
Corporate News
· CCEA clears 10% divestment in CIL and Hindustan Copper
· JK Lakshmi cement to invest Rs100cr to set up ready-mix-concrete units
· Falcon Tyres plans Rs550cr capex
Monday, June 14, 2010
Market Outlook---June 15, 2010
Dealer’s Diary
The key benchmark indices logged gains for the fourth running day after Fitch Ratings, a global rating agency, raised India's local currency rating outlook to stable from negative. The market opened on a firm note tracking gains in Asian stocks. The Sensex hit a fresh intraday high in morning trade. The market pared gains in afternoon trade on profit booking. Stocks regained strength in mid-afternoon trade and spurted in late trade to finally close in green. The Sensex and Nifty gained 1.6% and 1.5%, respectively. BSE mid-cap and small-cap indices also closed higher by 0.9% and 1.3%, respectively. Among the frontliners, Infosys, Reliance Infra., Wipro, Reliance Communications and TCS were up by 3–4%, while Bharti Airtel, Tata Motors, BHEL, Hero Honda and Maruti Suzuki were down by 0–2%. In the mid-cap segment, Jai Corp., Prakash Industries, Kwality Dairy, Sintex Industries and IDBI Bank were up by 5–17%, while Eicher Motors, Tulip Telecom, REI Agro, Oriental Bank and GCPL were down by 2%.
Markets Today
The trend deciding level for the day is 17269/5173 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17420 – 17502 / 5226 – 5254 levels. However, if NIFTY trades below 17269/5173 levels for the first half-an-hour of trade then it may correct up to 17188 – 17037/5145 - 5092 levels.
Economic and Political News
• Banks see base rate hovering around 8–9%
• Oil ministry approves 10% disinvestment in Engineers India Ltd.
• Fitch revises India’s outlook to stable from negative, forecasts growth of 8.5%
Corporate News
• HCL Tech bags IT Infra deal from Singapore Exchange
• Sun, Ranbaxy hit by US patent counter suits
• ADAG firms hike stake in Fame India to 15.34%
• VC, PE firms line up US $1bn for Green energy
For more visit at : AngelBroking
The key benchmark indices logged gains for the fourth running day after Fitch Ratings, a global rating agency, raised India's local currency rating outlook to stable from negative. The market opened on a firm note tracking gains in Asian stocks. The Sensex hit a fresh intraday high in morning trade. The market pared gains in afternoon trade on profit booking. Stocks regained strength in mid-afternoon trade and spurted in late trade to finally close in green. The Sensex and Nifty gained 1.6% and 1.5%, respectively. BSE mid-cap and small-cap indices also closed higher by 0.9% and 1.3%, respectively. Among the frontliners, Infosys, Reliance Infra., Wipro, Reliance Communications and TCS were up by 3–4%, while Bharti Airtel, Tata Motors, BHEL, Hero Honda and Maruti Suzuki were down by 0–2%. In the mid-cap segment, Jai Corp., Prakash Industries, Kwality Dairy, Sintex Industries and IDBI Bank were up by 5–17%, while Eicher Motors, Tulip Telecom, REI Agro, Oriental Bank and GCPL were down by 2%.
Markets Today
The trend deciding level for the day is 17269/5173 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17420 – 17502 / 5226 – 5254 levels. However, if NIFTY trades below 17269/5173 levels for the first half-an-hour of trade then it may correct up to 17188 – 17037/5145 - 5092 levels.
Economic and Political News
• Banks see base rate hovering around 8–9%
• Oil ministry approves 10% disinvestment in Engineers India Ltd.
• Fitch revises India’s outlook to stable from negative, forecasts growth of 8.5%
Corporate News
• HCL Tech bags IT Infra deal from Singapore Exchange
• Sun, Ranbaxy hit by US patent counter suits
• ADAG firms hike stake in Fame India to 15.34%
• VC, PE firms line up US $1bn for Green energy
For more visit at : AngelBroking
Sunday, June 13, 2010
Market Outlook----June 14, 2010
Dealer’s Diary
The key benchmark indices opened in green at the onset of the trading session on firm Asian stocks. The market held firm in morning trade and extended gains in mid-morning trade on reports of strong industrial production growth in April 2010. Profits booking in the afternoon saw the market pare the day’s gains. However, Sensex retained its psychological 17,000 mark at the end of the trading session. The Sensex and Nifty gained 0.8% each. BSE mid-cap and small-cap indices also closed higher by 0.3% and 0.4%, respectively. Among the front-liners, RIL, BHEL, Mahindra & Mahindra, ICICI Bank and Jindal Steel were up by 2–3%, while Bharti Airtel, Sterlite Industries, ACC, Reliance Infra and Reliance Communications were down by 1–4%. In the mid-cap segment, Eicher Motors, Fortis Health, IRB Infra., Jain Irrigation and Wockhardt were up by 6–17%, while Marico, United Phosphorus, Gujarat NRE Coke, Central Bank and Texmaco were down by 2–3%.
Markets Today
The trend deciding level for the day is 17064/5112 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17133 – 17201/5146 – 5173 levels. However, if NIFTY trades below 17064/5112 levels for the first half-an-hour of trade then it may correct up to 16995 – 16926/5086 – 5052 levels.
Economic and Political News
• SEZ contiguity norms may be relaxed for non-tax sops areas
• Economy to grow by 8.5% in FY2011: PMEAC
• Tax exemption limit on gratuity raised to Rs10lakh
Corporate News
• ITC to launch Lucky Stride as competition fires up
• Shree Renuka bags Brazil’s Equipav for 25% less than the original bid price
• JSPL to acquire 60% in Africa’s ZISCO
The key benchmark indices opened in green at the onset of the trading session on firm Asian stocks. The market held firm in morning trade and extended gains in mid-morning trade on reports of strong industrial production growth in April 2010. Profits booking in the afternoon saw the market pare the day’s gains. However, Sensex retained its psychological 17,000 mark at the end of the trading session. The Sensex and Nifty gained 0.8% each. BSE mid-cap and small-cap indices also closed higher by 0.3% and 0.4%, respectively. Among the front-liners, RIL, BHEL, Mahindra & Mahindra, ICICI Bank and Jindal Steel were up by 2–3%, while Bharti Airtel, Sterlite Industries, ACC, Reliance Infra and Reliance Communications were down by 1–4%. In the mid-cap segment, Eicher Motors, Fortis Health, IRB Infra., Jain Irrigation and Wockhardt were up by 6–17%, while Marico, United Phosphorus, Gujarat NRE Coke, Central Bank and Texmaco were down by 2–3%.
Markets Today
The trend deciding level for the day is 17064/5112 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17133 – 17201/5146 – 5173 levels. However, if NIFTY trades below 17064/5112 levels for the first half-an-hour of trade then it may correct up to 16995 – 16926/5086 – 5052 levels.
Economic and Political News
• SEZ contiguity norms may be relaxed for non-tax sops areas
• Economy to grow by 8.5% in FY2011: PMEAC
• Tax exemption limit on gratuity raised to Rs10lakh
Corporate News
• ITC to launch Lucky Stride as competition fires up
• Shree Renuka bags Brazil’s Equipav for 25% less than the original bid price
• JSPL to acquire 60% in Africa’s ZISCO
Thursday, June 10, 2010
Market Outlook----June 11, 2010
Dealer’s Diary
The key benchmark indices opened positive defying global weakness as US markets had closed in red, while Asia traded weak at the opening of the Indian market. Markets managed to sustain gains for most half of the session, trading in a tight range until the afternoon session. Strong buying ensued as European markets pared opening losses. Markets continued to gain, closing the session at the day’s high. All sectoral indices on BSE ended in green, while NSE Nifty closed above the 5,050 level. The Sensex and Nifty gained by 1.6% and 1.3%, respectively. Mid-cap and small-cap indices also closed higher by 1.1% and 1.3%, respectively. Among the front-liners, Reliance Infra, Bharti Airtel, Tata Motors, Hero Honda and Hindalco were up by 4–5%, while ONGC was the sole losing stock, down by 0.3%. In the mid-cap segment, Pipavav Shipyard, Pantaloon Retail, Bombay Rayon, Patel Engineering and Dish TV were up by 5– 7%, while Shree Global, Bajaj Holding, Akzo India, Alfa Laval and Anant Raj were down by 2–3%.
Markets Today
The trend deciding level for the day is 16845 / 5054 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17020 – 17118 / 5110 – 5141 levels. However, if NIFTY trades below 16845 / 5054 levels for the first half-an-hour of trade then it may correct up to 16746 – 16571 / 5022 – 4966 levels.
Economic and Political News
• The food price index rose 16.7% yoy for the week ended May 29
• FIPB clears 17 FDI proposals worth Rs569cr
• Govt. okays over Rs2,500cr highway projects in five states
Corporate News
• Ranbaxy launches Daiichi's heart disease drug in India
• Orchid Chemicals to buy US-based Karalex Pharma
• L&T Bags Rs747cr orders for metallurgical, material handling projects
• NTPC-BHEL JV to make 5,000MW capacity equipment
The key benchmark indices opened positive defying global weakness as US markets had closed in red, while Asia traded weak at the opening of the Indian market. Markets managed to sustain gains for most half of the session, trading in a tight range until the afternoon session. Strong buying ensued as European markets pared opening losses. Markets continued to gain, closing the session at the day’s high. All sectoral indices on BSE ended in green, while NSE Nifty closed above the 5,050 level. The Sensex and Nifty gained by 1.6% and 1.3%, respectively. Mid-cap and small-cap indices also closed higher by 1.1% and 1.3%, respectively. Among the front-liners, Reliance Infra, Bharti Airtel, Tata Motors, Hero Honda and Hindalco were up by 4–5%, while ONGC was the sole losing stock, down by 0.3%. In the mid-cap segment, Pipavav Shipyard, Pantaloon Retail, Bombay Rayon, Patel Engineering and Dish TV were up by 5– 7%, while Shree Global, Bajaj Holding, Akzo India, Alfa Laval and Anant Raj were down by 2–3%.
Markets Today
The trend deciding level for the day is 16845 / 5054 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17020 – 17118 / 5110 – 5141 levels. However, if NIFTY trades below 16845 / 5054 levels for the first half-an-hour of trade then it may correct up to 16746 – 16571 / 5022 – 4966 levels.
Economic and Political News
• The food price index rose 16.7% yoy for the week ended May 29
• FIPB clears 17 FDI proposals worth Rs569cr
• Govt. okays over Rs2,500cr highway projects in five states
Corporate News
• Ranbaxy launches Daiichi's heart disease drug in India
• Orchid Chemicals to buy US-based Karalex Pharma
• L&T Bags Rs747cr orders for metallurgical, material handling projects
• NTPC-BHEL JV to make 5,000MW capacity equipment
Market Outlook---June 10, 2010
Dealer’s Diary
The key benchmark indices opened positive amid overnight gains in U.S. markets. Domestic markets defied weak Asian market cues on the back of positive sentiments from the revival in the onset of monsoons. The indices traded steady and gained momentum in afternoon trade to hit intraday highs led by a surge in European indices. On the sectoral front, metals, oil and gas, and realty stocks witnessed most of the buying activity. However, the Sensex and Nifty pared all gains to the day’s end, with losses of 0.25% each. Mid-cap and small-cap indices outperformed the Sensex and closed higher by 0.5% and 0.3%, respectively. Among the front-liners, Bharti Airtel, Sterlite, ONGC, Tata Steel and ACC were up by 2–6%, while ITC, Tata Power, Wipro, TCS and Tata Motors were down by 1–5%. In the mid-cap segment, Marico, Bajaj Holdings, Bombay Rayon, Anant Raj and Kwality Dairy were up by 4–6%, while Thomas Cook, Rajesh Exports, Gujarat Minerals, Info Edge and Pantaloon Retail were down by 2–6%.
Markets Today
The trend deciding level for the day is 16689 / 5010 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16787 – 16915 / 5041 – 5081 levels. However, if NIFTY trades below 16689 / 5010 levels for the first half-an-hour of trade then it may correct up to 16560 – 16463 / 4970 – 4940 levels.
Economic and Political News
• Auto exports up 50% at 179,130 units in May 2010
• Government to list 35 PSUs, targets to raise Rs1.5lakh crore in 5 yrs
• Bid process for Orissa 4,000MW UMPP begins this week
Corporate News
• ARSS Infra bags orders worth Rs1.14bn from RITES, Nagpur
• BHEL has tied-up with French firm Alstom to bid for Chennai metro project
• Dr Reddy's gets tentative FDA nod for asthma drug
• S&P lowers rating on Bharti Airtel to BB+
The key benchmark indices opened positive amid overnight gains in U.S. markets. Domestic markets defied weak Asian market cues on the back of positive sentiments from the revival in the onset of monsoons. The indices traded steady and gained momentum in afternoon trade to hit intraday highs led by a surge in European indices. On the sectoral front, metals, oil and gas, and realty stocks witnessed most of the buying activity. However, the Sensex and Nifty pared all gains to the day’s end, with losses of 0.25% each. Mid-cap and small-cap indices outperformed the Sensex and closed higher by 0.5% and 0.3%, respectively. Among the front-liners, Bharti Airtel, Sterlite, ONGC, Tata Steel and ACC were up by 2–6%, while ITC, Tata Power, Wipro, TCS and Tata Motors were down by 1–5%. In the mid-cap segment, Marico, Bajaj Holdings, Bombay Rayon, Anant Raj and Kwality Dairy were up by 4–6%, while Thomas Cook, Rajesh Exports, Gujarat Minerals, Info Edge and Pantaloon Retail were down by 2–6%.
Markets Today
The trend deciding level for the day is 16689 / 5010 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16787 – 16915 / 5041 – 5081 levels. However, if NIFTY trades below 16689 / 5010 levels for the first half-an-hour of trade then it may correct up to 16560 – 16463 / 4970 – 4940 levels.
Economic and Political News
• Auto exports up 50% at 179,130 units in May 2010
• Government to list 35 PSUs, targets to raise Rs1.5lakh crore in 5 yrs
• Bid process for Orissa 4,000MW UMPP begins this week
Corporate News
• ARSS Infra bags orders worth Rs1.14bn from RITES, Nagpur
• BHEL has tied-up with French firm Alstom to bid for Chennai metro project
• Dr Reddy's gets tentative FDA nod for asthma drug
• S&P lowers rating on Bharti Airtel to BB+
Tuesday, June 8, 2010
Market Outlook
Dealer’s Diary
The benchmark indices opened positive following cues from Asian markets, which traded in green after opening weak. US markets closed in red yesterday. Indian markets witnessed steady morning and afternoon sessions, led by banking stocks. However, a sharp sell-off took markets past previous session’s close to intraday lows in late afternoon trade. Markets witnessed marginal recovery in the final session. The market breadth reversed, with losers outnumbering the gainers in the final session. The Sensex and Nifty ended the day with losses of 1.0% each. Mid-cap and small-cap indices outperformed the Sensex and closed lower by just 0.6% each. Among the front-liners, Tata Power, Cipla, HDFC, ITC and NTPC were up by 1–2%, while Hindalco, Reliance Communication, Bharti Airtel, ICICI Bank and DLF were down by 3–6%. In the mid-cap segment, M&M Finance, Gee Kay Finance, Kwality Dairy, P&G and Kingfisher Airlines were up by 4–9%, while REI Agro, Whirlpool, GTL Infra, KS Oils and India Bulls Real Estate were down by 4–9%.
Markets Today
The trend deciding level for the day is 16691 / 5009 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16822 – 17026 / 5050 – 5113 levels. However, if NIFTY trades below 16691 / 5009 levels for the first half-an-hour of trade then it may correct up to 16487 - 16356 / 4946 – 4905 levels.
Economic and Political News
• Govt. wheat procurement down by 7% for the year
• Special Courts to try Economic Offences likely
• State FMs seek Dual Rate, exclusion of local body taxes & electricity duty from GST
Corporate News
• TCS bags ISE trading, clearing platform order
• Patni signs JV pact with Japan's JR Kyushu
• Ranbaxy launches generic cholesterol drug in South Africa
• Punj Lloyd gets Rs180cr contract from RGIPT
The benchmark indices opened positive following cues from Asian markets, which traded in green after opening weak. US markets closed in red yesterday. Indian markets witnessed steady morning and afternoon sessions, led by banking stocks. However, a sharp sell-off took markets past previous session’s close to intraday lows in late afternoon trade. Markets witnessed marginal recovery in the final session. The market breadth reversed, with losers outnumbering the gainers in the final session. The Sensex and Nifty ended the day with losses of 1.0% each. Mid-cap and small-cap indices outperformed the Sensex and closed lower by just 0.6% each. Among the front-liners, Tata Power, Cipla, HDFC, ITC and NTPC were up by 1–2%, while Hindalco, Reliance Communication, Bharti Airtel, ICICI Bank and DLF were down by 3–6%. In the mid-cap segment, M&M Finance, Gee Kay Finance, Kwality Dairy, P&G and Kingfisher Airlines were up by 4–9%, while REI Agro, Whirlpool, GTL Infra, KS Oils and India Bulls Real Estate were down by 4–9%.
Markets Today
The trend deciding level for the day is 16691 / 5009 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16822 – 17026 / 5050 – 5113 levels. However, if NIFTY trades below 16691 / 5009 levels for the first half-an-hour of trade then it may correct up to 16487 - 16356 / 4946 – 4905 levels.
Economic and Political News
• Govt. wheat procurement down by 7% for the year
• Special Courts to try Economic Offences likely
• State FMs seek Dual Rate, exclusion of local body taxes & electricity duty from GST
Corporate News
• TCS bags ISE trading, clearing platform order
• Patni signs JV pact with Japan's JR Kyushu
• Ranbaxy launches generic cholesterol drug in South Africa
• Punj Lloyd gets Rs180cr contract from RGIPT
Monday, June 7, 2010
Market Outlook---June 8, 2010
Dealer’s Diary
The benchmark indices witnessed a gap-down opening following cues from weak Asian and US markets last week. The markets traded in a narrow range for most part of the morning session. However, mild recovery ensued in early afternoon trade on reports that monsoon has arrived after being stalled by a cyclone last week. The market extended gains led by banking stocks along with recovery in European stocks and positive US futures. The Sensex and Nifty ended the day with losses of 2.0% each. Mid-cap and small-cap indices outperformed the Sensex and closed lower by 1.4% and 1.5%, respectively. Among the front-liners, Reliance Communication, ACC and Hero Honda were up by 0–5%, while DLF, Hindalco, Tata Steel, Tata Motors and Sterlite were down by 4–6%. In the mid-cap segment, REI Agro, Astrazeneca, BOC India, Gillette and Alfa Laval were up by 6–15%, while Rajesh Exports, Mcleod Russel, JM Financial, Whirlpool and Usha Martin were down by 5–6%.
Markets Today
The trend deciding level for the day is 16846 / 5057 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17005 – 17229 / 5110 – 5186 levels. However, if NIFTY trades below 16846 / 5057 levels for the first half-an-hour of trade then it may correct up to 16622 – 16463 / 4981 – 4928 levels.
Economic and Political News
• Govt. sets up Technical Advisory Group to reform tax structure
• GST bill to come up in monsoon session: Asim Dasgupta
• Govt. proposes windfall (bumper profits) tax on iron ore miners
Corporate News
• KSK Energy Ventures inks PPA With Gujarat Urja Vikas Nigam Ltd.
• IL&FS Transport JV achieves financial closure for Gurgaon metro
• Neyveli Lignite commissions lignite-based power plant at Rajasthan
• ARSS Infra bags Rs415.6mn order from Northeast Frontier Railway, Guwahati
The benchmark indices witnessed a gap-down opening following cues from weak Asian and US markets last week. The markets traded in a narrow range for most part of the morning session. However, mild recovery ensued in early afternoon trade on reports that monsoon has arrived after being stalled by a cyclone last week. The market extended gains led by banking stocks along with recovery in European stocks and positive US futures. The Sensex and Nifty ended the day with losses of 2.0% each. Mid-cap and small-cap indices outperformed the Sensex and closed lower by 1.4% and 1.5%, respectively. Among the front-liners, Reliance Communication, ACC and Hero Honda were up by 0–5%, while DLF, Hindalco, Tata Steel, Tata Motors and Sterlite were down by 4–6%. In the mid-cap segment, REI Agro, Astrazeneca, BOC India, Gillette and Alfa Laval were up by 6–15%, while Rajesh Exports, Mcleod Russel, JM Financial, Whirlpool and Usha Martin were down by 5–6%.
Markets Today
The trend deciding level for the day is 16846 / 5057 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17005 – 17229 / 5110 – 5186 levels. However, if NIFTY trades below 16846 / 5057 levels for the first half-an-hour of trade then it may correct up to 16622 – 16463 / 4981 – 4928 levels.
Economic and Political News
• Govt. sets up Technical Advisory Group to reform tax structure
• GST bill to come up in monsoon session: Asim Dasgupta
• Govt. proposes windfall (bumper profits) tax on iron ore miners
Corporate News
• KSK Energy Ventures inks PPA With Gujarat Urja Vikas Nigam Ltd.
• IL&FS Transport JV achieves financial closure for Gurgaon metro
• Neyveli Lignite commissions lignite-based power plant at Rajasthan
• ARSS Infra bags Rs415.6mn order from Northeast Frontier Railway, Guwahati
Friday, June 4, 2010
Market Outlook---June 4, 2010
Dealer’s Diary
The benchmark indices opened on a firm note as positive US housing data and robust services sector data in India for May 2010 boosted investor sentiment. The Sensex moved past the psychological 17,000 level in morning trade. Later, the market extended gains in mid-morning trade. The market breadth was strong and all sectoral indices were in the positive zone. However, the market pared gains after hitting a fresh intraday high in afternoon trade. In late trade, the market moved in a narrow range. The Sensex and Nifty closed up by 1.7% and 1.8%, respectively. Mid-cap and small-cap indices underperformed the Sensex and closed up by 1.1% and 1.2%, respectively. Among the front-liners, Reliance Communication, Hindustan Unilever, Tata Motors, HDFC Bank and Sterlite were up by 3-6%. In the mid-cap segment, Havells India, Atlas Copco, Redington India, Hindustan Construction and Trent were up by 6-12%, while Gee Kay Finance, Core projects, Shriram City, Shree Renuka Sugars and Jain Irrigation were down by 2-5%.
The trend deciding level for the day is 16960 / 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 17135 – 17247 / 5151 – 5191 levels. However, if NIFTY trades below 16960 / 5085 levels for the first half-an-hour of trade then it may correct up to 16848 – 16674 / 5045 – 4980 levels.
Economic and Political News
• Government to invest US $1.7trillion in infrastructure next decade
• Government gives ONGC, OIL freedom to price natural gas
• South Korea to help India cut power T&D losses
Corporate News
• Indian Bank to raise Rs1,000cr Tier-2 capital in FY2011
• Titan eyes Rs500cr from overseas business in 5 years
• Dewan Housing raises Rs375cr through QIB issue
• Aurobindo bags US FDA nod for respiratory drug
The benchmark indices opened on a firm note as positive US housing data and robust services sector data in India for May 2010 boosted investor sentiment. The Sensex moved past the psychological 17,000 level in morning trade. Later, the market extended gains in mid-morning trade. The market breadth was strong and all sectoral indices were in the positive zone. However, the market pared gains after hitting a fresh intraday high in afternoon trade. In late trade, the market moved in a narrow range. The Sensex and Nifty closed up by 1.7% and 1.8%, respectively. Mid-cap and small-cap indices underperformed the Sensex and closed up by 1.1% and 1.2%, respectively. Among the front-liners, Reliance Communication, Hindustan Unilever, Tata Motors, HDFC Bank and Sterlite were up by 3-6%. In the mid-cap segment, Havells India, Atlas Copco, Redington India, Hindustan Construction and Trent were up by 6-12%, while Gee Kay Finance, Core projects, Shriram City, Shree Renuka Sugars and Jain Irrigation were down by 2-5%.
The trend deciding level for the day is 16960 / 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 17135 – 17247 / 5151 – 5191 levels. However, if NIFTY trades below 16960 / 5085 levels for the first half-an-hour of trade then it may correct up to 16848 – 16674 / 5045 – 4980 levels.
Economic and Political News
• Government to invest US $1.7trillion in infrastructure next decade
• Government gives ONGC, OIL freedom to price natural gas
• South Korea to help India cut power T&D losses
Corporate News
• Indian Bank to raise Rs1,000cr Tier-2 capital in FY2011
• Titan eyes Rs500cr from overseas business in 5 years
• Dewan Housing raises Rs375cr through QIB issue
• Aurobindo bags US FDA nod for respiratory drug
Thursday, June 3, 2010
Market Outlook---June 3, 2010
Dealer’s Diary
The key benchmark indices spurted to strike the day's high in late trade on renewed buying in blue chips. The market edged higher in early trade, tracking gains in some Asian stocks. Soon after sharply cutting gains from the day's high in early afternoon trade, the market regained strength in afternoon trade. Buying frenzy in index pivotals propelled key benchmark indices to the day's highs at the fag end of the trading session as US index futures climbed. The Sensex and Nifty closed up by 1% each. BSE mid-cap and small-cap indices also closed up by 0.9% and 0.8%, respectively. Among the front-liners, RCom, Bharti Airtel, Reliance Infrastructure, ONGC and Hero Honda were up by 3- 11%, while Tata Power, Wipro, Jindal Steel, Hindalco Industries and ITC were down by 0.4-1%. In the mid-cap segment, Religare Enterprises, OnMobile Global, Polaris Software, Pantaloon Retail and Patni Computer were up by 7- 9%, while JM Financial, REI Agro, Gee Kay Finance, Andrew Yule and Dishman Pharma were down by 3-6%.
Markets Today
The trend deciding level for the day is 16696 / 5006 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16820 – 16899 / 5045 -5070 levels. However, if NIFTY trades below 16696 / 5006 levels for the first half-an-hour of trade then it may correct up to 16617 – 16493 / 4981 – 4942 levels.
Economic and Political News
• Oil falls to US $72 as economy concerns drag on crude
• MF industry assets breach the Rs8lakh-cr mark in May 2010
• India's BT sector to become a US $5bn industry by CY2010
Corporate News
• NTPC to buy Australian coal mine
• RCom to give up strategic stake to fund 3G foray
• Renuka Sugars in talks for a 28% cut in Equipav buyout price
• ARSS Infra Projects bags order of Rs51cr
The key benchmark indices spurted to strike the day's high in late trade on renewed buying in blue chips. The market edged higher in early trade, tracking gains in some Asian stocks. Soon after sharply cutting gains from the day's high in early afternoon trade, the market regained strength in afternoon trade. Buying frenzy in index pivotals propelled key benchmark indices to the day's highs at the fag end of the trading session as US index futures climbed. The Sensex and Nifty closed up by 1% each. BSE mid-cap and small-cap indices also closed up by 0.9% and 0.8%, respectively. Among the front-liners, RCom, Bharti Airtel, Reliance Infrastructure, ONGC and Hero Honda were up by 3- 11%, while Tata Power, Wipro, Jindal Steel, Hindalco Industries and ITC were down by 0.4-1%. In the mid-cap segment, Religare Enterprises, OnMobile Global, Polaris Software, Pantaloon Retail and Patni Computer were up by 7- 9%, while JM Financial, REI Agro, Gee Kay Finance, Andrew Yule and Dishman Pharma were down by 3-6%.
Markets Today
The trend deciding level for the day is 16696 / 5006 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16820 – 16899 / 5045 -5070 levels. However, if NIFTY trades below 16696 / 5006 levels for the first half-an-hour of trade then it may correct up to 16617 – 16493 / 4981 – 4942 levels.
Economic and Political News
• Oil falls to US $72 as economy concerns drag on crude
• MF industry assets breach the Rs8lakh-cr mark in May 2010
• India's BT sector to become a US $5bn industry by CY2010
Corporate News
• NTPC to buy Australian coal mine
• RCom to give up strategic stake to fund 3G foray
• Renuka Sugars in talks for a 28% cut in Equipav buyout price
• ARSS Infra Projects bags order of Rs51cr
Tuesday, June 1, 2010
Market Outlook---June 2, 2010
Dealer’s Diary
The benchmark indices edged lower in opening trade, tracking weak Asian stocks. However, the market came off the lower level in mid-morning trade on strong macro economic data but weakened again with the Sensex hitting a fresh intraday low in early afternoon trade. In late trade, the market extended losses on weak global cues as the slowdown in Chinese manufacturing growth sharply pulled down world stocks. The market breadth was weak and the Nifty fell below the psychological 5,000 mark. The Sensex and Nifty closed with losses of 2.2% and 2.3%, respectively. BSE mid-cap and small-cap indices also closed lower by 1.3% and 1.0%, respectively. Among the front-liners, Maruti, Cipla and ACC were up by 0-2%, while Jaiprakash Associates, Sterlite, Hindalco, Tata Steel and RCom. were down by 4-6%. In the mid-cap segment, Hindusthan National Glass, JM Financial, Bank of Maharashtra, Chambal Fertiliser and Wockhardt were up by 5-14%, while Sobha Developers, Texmaco, REI Six Ten Retail, Fortis Health and Century Textiles were down by 5-7%.
The trend deciding level for the day is 16611/ 5006 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16904 – 17236/ 5051 – 5132 levels. However, if NIFTY trades below 16611/ 5006 levels for the first half-an-hour of trade then it may correct up to 16279 – 15987 / 4925 - 4880 levels.
Economic and Political News
· Govt. hikes price of natural gas by more than double to US $4.20 per mmBtu
· Govt. gets Rs67,719cr for 3G spectrum from 9 telcos
· India's exports rose by over 36% in April 2010
Corporate News
· ITC raises stake in Leela to 10%
· R-Infra wins Rs2,960cr Delhi-Agra project from NHAI
· Hero Honda raises bike prices by up to Rs1,000
· SAIL cuts prices by up to Rs1,500/t
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