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+
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