Dealer’s Diary
The key benchmark indices spurted to strike the day's high in late trade on renewed buying in blue chips. The market edged higher in early trade, tracking gains in some Asian stocks. Soon after sharply cutting gains from the day's high in early afternoon trade, the market regained strength in afternoon trade. Buying frenzy in index pivotals propelled key benchmark indices to the day's highs at the fag end of the trading session as US index futures climbed. The Sensex and Nifty closed up by 1% each. BSE mid-cap and small-cap indices also closed up by 0.9% and 0.8%, respectively. Among the front-liners, RCom, Bharti Airtel, Reliance Infrastructure, ONGC and Hero Honda were up by 3- 11%, while Tata Power, Wipro, Jindal Steel, Hindalco Industries and ITC were down by 0.4-1%. In the mid-cap segment, Religare Enterprises, OnMobile Global, Polaris Software, Pantaloon Retail and Patni Computer were up by 7- 9%, while JM Financial, REI Agro, Gee Kay Finance, Andrew Yule and Dishman Pharma were down by 3-6%.
Markets Today
The trend deciding level for the day is 16696 / 5006 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16820 – 16899 / 5045 -5070 levels. However, if NIFTY trades below 16696 / 5006 levels for the first half-an-hour of trade then it may correct up to 16617 – 16493 / 4981 – 4942 levels.
Economic and Political News
• Oil falls to US $72 as economy concerns drag on crude
• MF industry assets breach the Rs8lakh-cr mark in May 2010
• India's BT sector to become a US $5bn industry by CY2010
Corporate News
• NTPC to buy Australian coal mine
• RCom to give up strategic stake to fund 3G foray
• Renuka Sugars in talks for a 28% cut in Equipav buyout price
• ARSS Infra Projects bags order of Rs51cr
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