Dealer’s Diary
The benchmark indices opened on a firm note as positive US housing data and robust services sector data in India for May 2010 boosted investor sentiment. The Sensex moved past the psychological 17,000 level in morning trade. Later, the market extended gains in mid-morning trade. The market breadth was strong and all sectoral indices were in the positive zone. However, the market pared gains after hitting a fresh intraday high in afternoon trade. In late trade, the market moved in a narrow range. The Sensex and Nifty closed up by 1.7% and 1.8%, respectively. Mid-cap and small-cap indices underperformed the Sensex and closed up by 1.1% and 1.2%, respectively. Among the front-liners, Reliance Communication, Hindustan Unilever, Tata Motors, HDFC Bank and Sterlite were up by 3-6%. In the mid-cap segment, Havells India, Atlas Copco, Redington India, Hindustan Construction and Trent were up by 6-12%, while Gee Kay Finance, Core projects, Shriram City, Shree Renuka Sugars and Jain Irrigation were down by 2-5%.
The trend deciding level for the day is 16960 / 5085 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17135 – 17247 / 5151 – 5191 levels. However, if NIFTY trades below 16960 / 5085 levels for the first half-an-hour of trade then it may correct up to 16848 – 16674 / 5045 – 4980 levels.
Economic and Political News
• Government to invest US $1.7trillion in infrastructure next decade
• Government gives ONGC, OIL freedom to price natural gas
• South Korea to help India cut power T&D losses
Corporate News
• Indian Bank to raise Rs1,000cr Tier-2 capital in FY2011
• Titan eyes Rs500cr from overseas business in 5 years
• Dewan Housing raises Rs375cr through QIB issue
• Aurobindo bags US FDA nod for respiratory drug
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