Dealer’s Diary
Key benchmark indices opened on a firm note on higher advance tax payment by most Indian firms and on strong global cues. The market gave up most of the gains in afternoon trade as lower US index futures encouraged profit taking. However, the market bounced back after briefly slipping into the red in afternoon trade and pared gains in late trade as select indices declined on profit booking. The Sensex and Nifty closed flat with gains of 0.3% and 0.2%, respectively. BSE mid-cap and the small-cap indices underperformed the benchmark indices to close with gains of 0.1% and 0.2%, respectively. Among the front-liners, M&M, Tata Motors, ICICI Bank, Sterlite Industries and DLF were up by 2–4%, while ACC, HUL, Bharti Airtel, Cipla and Tata Steel were down by 1–2%. In the mid-cap segment, MTNL, Bajaj Electricals, Gammon Infra., Tata Teleservices and Honeywell Auto were up by 6–10%, while Kwality Dairy, Syndicate Bank, Sadbhav Engineering, IFCI and Dena Bank were down 3–5%.
The trend deciding level for the day is 17467/5235 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17526–17590/5254– 5275 levels. However, if NIFTY trades below 17467/5235 levels for the first half-an-hour of trade then it may correct up to 17403–17344/ 5214–5194 levels.
Economic and Political News
• New holding norms may force delisting of 13 PSUs
• ULIPs, equity MFs to lose tax cover in new-look code
• Govt. allows 10,000T of sugar exports to EU
• World bank approves two projects worth US $372mn to Karnataka
Corporate News
• Essar Oil raises US $115mn via FCCB issue
• RCom. looks to selling 26% stake in Globalcom
• SBI will enter wealth management business to set up pvt. equity fund
• Vedanta’s India unit to import 300,00T coal
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