Dealer’s Diary
The market opened marginally in red after taking cues from weak Asian indices. The market continued to slide throughout the session, with expectations of a slowdown in Chinese economic growth. The market slipped further in afternoon session, as weak opening by European indices added to the negative sentiment. However, the market found support at intraday low in the final session, as investors engaged in value buying. Metal stocks tumbled after the Conference Board in China corrected down its April 2010 gauge for the outlook of China's economy. The Sensex and Nifty closed with gains of 1.4% and 1.5%, respectively. However, BSE mid-cap and small-cap indices fared better as they fell by just 0.7% and 0.6%, respectively. Among the front-liners, L&T, Bharti Airtel and ONGC were up by nearly 0.2%, while Hindalco, Reliance Comm, Tata Steel, Reliance Infra and Jindal Steel were down by 3–4%. Among midcaps, Astrazeneca Pharma, TVS Motor, JM Financial, ING Vysya Bank and IBN18 Broadband were up by 5–20%, while Hathway Cable, Max India, Edelweiss Capital, EID Parry and Rajesh Exports declined by 4–8%.
The trend deciding level for the day is 17593 / 5275 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17719 – 17905 / 5315 – 5374 levels. However, if NIFTY trades below 17593 / 5275 levels for the first half-an-hour of trade then it may correct up to 17407 – 17280 / 5217 – 5177 levels.
Economic and Political News
• Rajasthan Electronics & Instruments Ltd., a JV of the Central and Rajasthan government,received Rs300cr order to set up solar power packs in Rajasthan
• Safeguard duty on soda ash imports extended
• National Advisory Council meet likely to discuss Food Security Bill
Corporate News
• Uflex to invest Rs1,150cr in two years on capacity expansion
• ONGC to sign 17 new oil and gas block contracts
• Vascon Engg. to develop over 10mn sq. ft. in FY2011
• Pantaloon Retail allots 1cr warrants to promoters
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