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
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