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
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