Dealer’s Diary
The market opened on a positive note, as the partial decontrol of fuel prices last week and expectations of a good monsoon boosted sentiments. The indices traded in a narrow band until afternoon session before a swift sell-off took the market to its intraday low. However, strong buying at lower levels helped the market to recover and close at the day’s high. Intraday volatility was high but the market breadth was strong led by oil and gas, auto, metal, realty and sugar stocks. The Sensex and Nifty closed with gains of 1.1% and 1.2%, respectively. BSE mid-cap and small-cap indices also gained in line with the Sensex, rising by 1.1% each. Among the front-liners, Reliance Comm., Reliance Infra, ONGC, Tata Motors and RIL were up by 2–5%, while ITC, Jindal Steel, Hero Honda, HUL and Maruti were down by 0–2%. Among mid caps, Balrampur Chini, Indiabulls Power, EID Parry, Sun Pharma and Honeywell Auto were up by 7–9%, while REI Six Ten Retail, Kansai Nerolac, Allcargo Global, United Breweries and HOEC declined by 2–4%.
The trend deciding level for the day is 17714 / 5315 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17855 – 17937 / 5358 – 5383 levels. However, if NIFTY trades below 17714 / 5315 levels for the first half-an-hour of trade then it may correct up to 17632 – 17491 / 5290 – 5246 levels.
Economic and Political News
· Core sector grows 5% in May
· India's auto export may grow 15% this fiscal, says Jt. Secy, Dept. of Heavy Industry
· Agriculture credit flow exceeds target by 13% in FY2010
· Eredene Capital consortium wins Ennore Terminal bid
Corporate News
· BHEL’s equipment generated record power in 2009–10
· Venus Remedies gets patent for pneumonia drug in New Zealand
· Tata Power to set up a 150MW wind power plant in Maha, TN
· Rolta acquires PCI Geomatics licenses
No comments:
Post a Comment