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
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