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
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