Dealer’s Diary
The key indices surged after China announced over the weekend that it will allow its currency more freedom to move against the US dollar, which should spur its economic growth. An end to the row over regulation of Unit Linked Insurance Products (ULIPs) and firm Asian stocks, aided the rally on the domestic bourses. Metals and realty shares rallied. The market extended gains in morning trade, remained range bound in early afternoon trade and pared gains after hitting fresh intraday highs in mid-afternoon trade. Both the Sensex and Nifty closed up by 1.7% each, while the BSE mid-cap and small-cap indices closed up by 1.3% and 1.2%, respectively. Among the front-liners, Sterlite Industries, Tata Steel, Hindalco Industries, ICICI Bank and JP Associates were up by 4–8%, while HDFC Bank and Bharti Airtel were the only losers, which ended down by 0.3% and 0.1%, respectively. Among the mid-caps, Edelweiss Capital, Fresenius Kabi, Mahindra Lifespace Developers, India Infoline and Geekay Finance were up by 5–19%, while Kwality Dairy, IBN18 Broadcast, Patni Computer Systems, KGN Industries and GTL declined by 2–5%.
Markets Today
The trend deciding level for the day is 17817/5329 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17979–18082/5391–5429 levels. However, if NIFTY trades below 17817/5329 levels for the first half-an-hour of trade then it may correct up to 17714–17552/5291–5229 levels.
Economic and Political News
· Yuan rises to the highest level against dollar in modern era
· IT Dept may demand Rs8,500cr tax over transfer pricing
· Karnataka clears 69 new investment proposals
· To promote multiplexes in HP, government exempts entertainment tax for five years
Corporate News
· National Textile Corporation eyes Rs750cr from Mumbai mill sell-off
· Saudi Binladin Group makes 20% open offer for Maytas Infra
· Jyothy Labs board okays raising Rs300cr via QIP
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