Dealer’s Diary
The key benchmark indices pared gains after a firm start triggered by higher Asian stocks, but soon slipped into the red. However, the market was a tad higher in early afternoon trade after moving between positive and negative terrains earlier. The market drifted lower in afternoon trade as index heavyweights RIL and ICICI Bank fell and extended losses as European stocks turned negative from positive in the afternoon trade. The Sensex and Nifty ended the session in red, down by 0.7% and 0.6%, respectively. BSE mid cap and small cap indices too closed down by 0.2% each. Among the front liners, SBI, Cipla, HDFC Bank, ITC and Tata Motors gained between 0–1%, while RIL, HUL, DLF, L&T and ICICI Bank lost between 2–3%. Among mid caps, ARSS Infra, Aban Offshore, 3M India, State Bank of Mysore and Rallis India gained between 6–10%, while Patni Computers, Shriram City Union Finance, Glenmark Pharma, Mahindra Holidays and FDC lost between 5–6%.
The trend deciding level for the day is 18075/5430 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18152–18226/5452–5473 levels. However, if NIFTY trades below 18075/5430 levels for the first half-an-hour of trade then it may correct up to 18001–17924/5408–5386 levels.
Economic and Political News
• Government to sign US $775mn jet deal with BAE Systems
• Karnataka may ban iron ore transport permits, reports Press Trust of India
• PNGRB invites bids for retailing gas in four states
Corporate News
• ICICI Bank picks up 1.33% stake in United Stock Exchange
• DLF in talks to cut stake in insurance JV with Prudential
• Piramal Glass plans to sell land for Rs30cr–40cr
Thursday, July 29, 2010
Tuesday, July 27, 2010
Market Outlook----July 28, 2010
Dealer’s Diary
The market opened flat and moved in a narrow range ahead of the RBI's credit policy. In early afternoon trades, the markets hailed the central bank’s decision to raise short-term interest rates to rein in inflation and anchor inflationary expectations. The markets surged and hit a fresh intraday high mapping the European markets and US index futures. However, markets closed the session only a tad higher shrugging off most of its gains. The Sensex and Nifty closed 0.3% and 0.2% higher, respectively. The BSE mid-cap index closed up 0.3%, while the small-cap index ended flat almost hovering in the negative. Among the front-liners, M&M, Tata Motors, ACC, Hero Honda and DLF gained 2–3%, while L&T, HDFC, BHEL, Tata Steel and HUL lost 0–3%. Among the mid-caps, Manappuram General Finance, Carborundum Universal, MVL, BF Utilities and Jet Airways gained 4-6%, while Mahindra Holidays, FDC, Gee Kay Finance, Mahindra Lifespace and Radico Khaitan ended 4-6% lower.
The trend deciding level for the day is 18075/5430 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18152–18226/5452–5473 levels. However, if NIFTY trades below 18075/5430 levels for the first half-an-hour of trade then it may correct up to 18001–17924/5408–5386 levels.
Economic and Political News
· Govt. scraps 18 special economic zones
· Govt. says 'no' to ban on iron ore export
· Govt. to mull ONGC, IOC stake sales in FY11: official
Corporate News
· Govt. expects to garner Rs 977 cr from EIL's disinvestment
· ONGC, PetroVietnam to bid for BP's stake
· Telcos owe government Rs 452 cr as spectrum fee
Monday, July 26, 2010
Market Outlook---July 27, 2010
Dealer’s Diary
The key benchmark indices suffered losses to hit fresh intraday lows as European stocks moved off highs as US index futures fell. The market hovered around the negative zone near the flat line in early trade, shedding initial gains. Stocks slided lower in morning trade and the market was range bound in early afternoon trade. The market hit a fresh intraday low in mid-afternoon trade and the trend prevailed in late trade. The Sensex and Nifty were down by 0.6% each. BSE mid-cap and small-cap indices also ended the trade in red, down by 1.0% and 0.8%, respectively. Among the front liners, Bharti Airtel, TCS, Infosys, HDFC Bank and ITC gained between 1–2%, while Maruti Suzuki, Hero Honda, Jaiprakash Associates, SBI and DLF lost between 3–12%. Among mid caps, Lakshmi Machines Works, MVL, IFCI, KGN Industries and S.Kumar Nation gained between 3–5%, while Indian Bank, United Breweries Holdings, REI Agro, Jubilant Foodworks and Whirlpool were down by 5–12%.
The trend deciding level for the day is 18069/5431 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18145–18270/5454– 5488 levels. However, if NIFTY trades below 18069/5431 levels for the first half-an-hour of trade then it may correct up to 17945 – 17869/5396 – 5374 levels.
Economic and Political News
• Investment norms for FDI-funded companies likely to be relaxed
• Japan to lend Rs88.5cr for Delhi-Mumbai corridor
• Moody’s upgrades India’s sovereign currency rating
Corporate News
• Fortis Healthcare divests entire stake in Parkway to Khazanah for S$3.95 per share
• Reliance Media World signs 5yr Delhi Metro Rail Corporation Mandate
• DLF to buy Dubai world in JV
The key benchmark indices suffered losses to hit fresh intraday lows as European stocks moved off highs as US index futures fell. The market hovered around the negative zone near the flat line in early trade, shedding initial gains. Stocks slided lower in morning trade and the market was range bound in early afternoon trade. The market hit a fresh intraday low in mid-afternoon trade and the trend prevailed in late trade. The Sensex and Nifty were down by 0.6% each. BSE mid-cap and small-cap indices also ended the trade in red, down by 1.0% and 0.8%, respectively. Among the front liners, Bharti Airtel, TCS, Infosys, HDFC Bank and ITC gained between 1–2%, while Maruti Suzuki, Hero Honda, Jaiprakash Associates, SBI and DLF lost between 3–12%. Among mid caps, Lakshmi Machines Works, MVL, IFCI, KGN Industries and S.Kumar Nation gained between 3–5%, while Indian Bank, United Breweries Holdings, REI Agro, Jubilant Foodworks and Whirlpool were down by 5–12%.
The trend deciding level for the day is 18069/5431 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18145–18270/5454– 5488 levels. However, if NIFTY trades below 18069/5431 levels for the first half-an-hour of trade then it may correct up to 17945 – 17869/5396 – 5374 levels.
Economic and Political News
• Investment norms for FDI-funded companies likely to be relaxed
• Japan to lend Rs88.5cr for Delhi-Mumbai corridor
• Moody’s upgrades India’s sovereign currency rating
Corporate News
• Fortis Healthcare divests entire stake in Parkway to Khazanah for S$3.95 per share
• Reliance Media World signs 5yr Delhi Metro Rail Corporation Mandate
• DLF to buy Dubai world in JV
Sunday, July 25, 2010
Market Outlook----July 26, 2010
Dealer’s Diary
The market opened quiet and rallied before coming off the day's high in afternoon trade, following a weak Europe opening. Profit taking emerged after the key benchmark indices hit their 29-month highs at the onset of the trading session. The market became volatile in afternoon trade after European indices opened low, ahead of the stress test results of 91 European banks. The market breath turned weak towards the end of the trade session in contrast to a strong breadth earlier in the day. The Sensex and Nifty closed by 0.1% each. BSE midcap and small-cap lost 0.3% and 0.5%, respectively. Among the front liners, Bharti Airtel, BHEL, ITC, Infosys and SBI gained between 1–4%, while Jaiprakash Associates, ONGC, DLF, NTPC and Sterlite Industries lost between 1–2%. Among mid caps, United Breweries, Alstom Projects, BF Utilities, Shriram City and UCO Bank were up by 5–14%, while ING Vysya Bank, Praj Industries, IFCI, Thermax and National Fertilizers were down by 4–6%.
The trend deciding level for the day is 18154 / 5454 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18214 – 18298 / 5473 – 5496 levels. However, if NIFTY trades below 18154 / 5454 levels for the first half-an-hour of trade then it may correct up to 18071 – 18011 / 5430 – 5412 levels.
Economic and Political News
· Indian telecom user base up ~18mn in June 2010
· SEZ units cannot avail IT exemption on DTA sale: MOC
· Rs2,245cr FDI proposals approved
Corporate News
· LSE approves de-admission of Gateway Distripark’s GDR from trading
· RPG flagship eyes Rs2,000cr solar project in Rajasthan
· SBI raises US $1bn in overseas bonds issue
· Wockhardt gets US FDA approval for generic version of ToprolXL
Thursday, July 22, 2010
Market Outlook---July 23, 2010
Dealer’s Diary
The key benchmark indices saw a subdued start on weak global cues. Asian stocks fell after US Federal Reserve Chairman Ben Bernanke said the US economic outlook was unusually uncertain; however, indices recovered in early afternoon trade as US index futures reversed initial losses. Rally in European stocks and US index futures triggered a strong rally on domestic bourses during the latter part of the trading session, with the Sensex and Nifty closing up by 0.8%. BSE mid-cap and small-cap gained 0.4% and 0.3%, respectively. Among the front liners, M&M, Bharti Airtel, Jaiprakash Associates, Tata Steel and Tata Motors gained between 2–3%, while ACC, Reliance Infra, Maruti Suzuki, Tata Power and Infosys lost between 0–1%. Among mid caps, United Breweries, United Breweries Holdings, ING Vysya Bank, Den Network and National Fertilizers were up by 5–20%, while Gee Kay Finance, Prism Cement, J&K Bank, KS Oils and Uco Bank declined by 3–5%.
The trend deciding level for the day is 18040 / 5420 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18201 – 18288 / 5469 – 5495 levels. However, if NIFTY trades below 18040 / 5420 levels for the first half-an-hour of trade then it may correct up to 17953 – 17792 / 5394 – 5345 levels.
Economic and Political News
• GST to make India a US $2tr economy: Finance Minister
• Government relaxes norms for setting up SEZ in small towns
• Monsoon deficit pegged at 14%
• Tripura tops NREGA in the country
Corporate News
• PFC to raise Rs4,700cr from overseas in FY2011
• Infosys Rs2,500cr SEZ to get operational by next March
• Glenmark unit bags USFDA nod for generic contraceptive drug
• Fortis drags Khazanah to Singapore regulator
The key benchmark indices saw a subdued start on weak global cues. Asian stocks fell after US Federal Reserve Chairman Ben Bernanke said the US economic outlook was unusually uncertain; however, indices recovered in early afternoon trade as US index futures reversed initial losses. Rally in European stocks and US index futures triggered a strong rally on domestic bourses during the latter part of the trading session, with the Sensex and Nifty closing up by 0.8%. BSE mid-cap and small-cap gained 0.4% and 0.3%, respectively. Among the front liners, M&M, Bharti Airtel, Jaiprakash Associates, Tata Steel and Tata Motors gained between 2–3%, while ACC, Reliance Infra, Maruti Suzuki, Tata Power and Infosys lost between 0–1%. Among mid caps, United Breweries, United Breweries Holdings, ING Vysya Bank, Den Network and National Fertilizers were up by 5–20%, while Gee Kay Finance, Prism Cement, J&K Bank, KS Oils and Uco Bank declined by 3–5%.
The trend deciding level for the day is 18040 / 5420 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18201 – 18288 / 5469 – 5495 levels. However, if NIFTY trades below 18040 / 5420 levels for the first half-an-hour of trade then it may correct up to 17953 – 17792 / 5394 – 5345 levels.
Economic and Political News
• GST to make India a US $2tr economy: Finance Minister
• Government relaxes norms for setting up SEZ in small towns
• Monsoon deficit pegged at 14%
• Tripura tops NREGA in the country
Corporate News
• PFC to raise Rs4,700cr from overseas in FY2011
• Infosys Rs2,500cr SEZ to get operational by next March
• Glenmark unit bags USFDA nod for generic contraceptive drug
• Fortis drags Khazanah to Singapore regulator
Wednesday, July 21, 2010
Market Outlook---July 22, 2010
Dealer’s Diary
The key benchmark indices edged higher in early trade on firm Asian stocks. Metal stocks rose as metal prices gained on the London Metal Exchange, while auto stocks rose on expectations of strong 1Q results. The market extended gains in early afternoon trade. The Sensex finally closed below the psychological 18,000 mark after crossing that level during the day. European markets like France's CAC, Britain's FTSE and Germany's DAX were trading 1– 2% higher at the time of closing of Indian equities. The Sensex and Nifty closed up by 0.6% each. BSE mid-cap and small-cap indices gained 0.5% and 0.4%, respectively. Among the front liners, Sterlite, Tata Steel, Jindal Steel, M&M and Hindalco gained between 2–4%, while HDFC, Bharti Airtel, Cipla, HDFC Bank and Hero Honda were down by 1–2%. Among mid-caps, Motherson Sumi Systems, Usha Martin, REI Agro, TVS Motors and Arss Infra Projects were up by 6–7%, while Gee Kay Finance, Shree Renuka Sugars, Indraprastha Gas, Bayer Corp. and Emami declined by 3–5%.
The trend deciding level for the day is 17954 / 5392 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18035 – 18093 / 5416 – 5433 levels. However, if NIFTY trades below 17954 / 5392 levels for the first half-an-hour of trade then it may correct up to 17897 – 17816 / 5376 – 5352 levels.
Economic and Political News
· India, EU officials to meet in September on drug seizure issue
· Government to keep central GST concessional rate at 6%
· Engineering exports up by 90% in June
· Centre sanctions three more biomass cogeneration projects
Corporate News
· EIL FPO to hit capital market on July 27
· Vardhaman Textiles to spend Rs300cr this fiscal
· GTL Infra-Rel Infratel merger to be over by mid-August: Tirodkar
· REC aims to borrow US $1bn in overseas loans
· Nilkamal raises Rs59cr via QIP
Tuesday, July 20, 2010
Market Outlook---July 21, 2010
Dealer’s Diary
The key benchmark indices jumped in early trade on firm Asian stocks, which rose following strong overnight US markets. Market breadth was strong as all BSE sectoral indices were in green, but key benchmark indices reversed the initial gains in the afternoon session as European stocks fell and US index futures tumbled. The Sensex finally closed below the psychological 18,000 mark after crossing that level in early trade. The Sensex and Nifty closed down by 0.3% each. BSE mid-cap and small-cap indices closed in line with the Sensex, down by 0.3% each. Among the front liners DLF, Sterlite, Wipro, L&T and TCS gained 0–2%, while Jaiprakash Associates, Tata Motors, RCOM, HDFC and ICICI lost 1–2%. Among mid-cap, Bayer Corp, Madras Cement, Himadri Chemicals, HCC and SKF India were up by 4–6%, while Shree Global Trade, Indian Metals & Ferro Alloys, Mindtree, Gee Kay Finance and BOC India declined by 4–6%.
The trend deciding level for the day is 17922 / 5379 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17996-18114/ 5405-5442 levels. However, if NIFTY trades below 17922 / 5379 levels for the first half-an-hour of trade then it may correct up to 17804-1773 / 5340-5317 levels.
Economic and Political News
• New WPI series to be used from August, says industry secretary
• ISMA expects sugar stocks to increase to 5.9mn tonnes in 2009–10
• Inflation to fall to 5–6% by December end, says government
• DTC, GST bills likely in monsoon session, says revenue secretary
• Bill to replace ULIP ordinance soon, says Ashok Chawla
Corporate News
• NHPC to sign three projects in Orissa within a month
• ADAG increases stake in Fame India to 15.88%
• Balrampur gets BIFR approval for merger with Indo Gulf sugar unit
• Dhanalakshmi Bank raises Rs380cr via QIP
The key benchmark indices jumped in early trade on firm Asian stocks, which rose following strong overnight US markets. Market breadth was strong as all BSE sectoral indices were in green, but key benchmark indices reversed the initial gains in the afternoon session as European stocks fell and US index futures tumbled. The Sensex finally closed below the psychological 18,000 mark after crossing that level in early trade. The Sensex and Nifty closed down by 0.3% each. BSE mid-cap and small-cap indices closed in line with the Sensex, down by 0.3% each. Among the front liners DLF, Sterlite, Wipro, L&T and TCS gained 0–2%, while Jaiprakash Associates, Tata Motors, RCOM, HDFC and ICICI lost 1–2%. Among mid-cap, Bayer Corp, Madras Cement, Himadri Chemicals, HCC and SKF India were up by 4–6%, while Shree Global Trade, Indian Metals & Ferro Alloys, Mindtree, Gee Kay Finance and BOC India declined by 4–6%.
The trend deciding level for the day is 17922 / 5379 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17996-18114/ 5405-5442 levels. However, if NIFTY trades below 17922 / 5379 levels for the first half-an-hour of trade then it may correct up to 17804-1773 / 5340-5317 levels.
Economic and Political News
• New WPI series to be used from August, says industry secretary
• ISMA expects sugar stocks to increase to 5.9mn tonnes in 2009–10
• Inflation to fall to 5–6% by December end, says government
• DTC, GST bills likely in monsoon session, says revenue secretary
• Bill to replace ULIP ordinance soon, says Ashok Chawla
Corporate News
• NHPC to sign three projects in Orissa within a month
• ADAG increases stake in Fame India to 15.88%
• Balrampur gets BIFR approval for merger with Indo Gulf sugar unit
• Dhanalakshmi Bank raises Rs380cr via QIP
Monday, July 19, 2010
Market Outlook----July 20, 2010
Dealer’s Diary
The key benchmark indices opened on a negative note, tracking weak cues from global markets. However, the markets soon moved higher from lower levels on account of buying interest among PSU and banking stocks and positive sentiments from Chinese markets. The recovery was, however, shortlived and markets tumbled to trade in the negative zone. Markets became volatile and moved in a narrow band thereafter. Finally, markets reversed early trends and ended on a flat note. The Sensex and Nifty ended lower, down by 0.2% and 0.1%, respectively, while BSE mid-cap and small-cap indices outperformed the Sensex, closing up by 0.2% and 0.1%, respectively. Among the front liners, NTPC, Rel Comm., Hindalco, L&T and HDFC were up nearly by 1–3%, while ITC, Sterlite, DLF, Maruti and Hero Honda declined by 1–3%. Among mid-caps, Shree Global Trade, BF Utilities, United Brewries, Andhra Bank and Gujarat Fluo. were up by 6–20%, while Whirlpool, State Bank of Travancore, Gee Kay Fin., Zydus Wellness and Kirloskar Bros. were down by 3–5%.
Markets Today
The trend deciding level for the day is 17930/5386 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18004 – 18079/5410 – 5433 levels. However, if NIFTY trades below 17930/5386 levels for the first half-an-hour of trade then it may correct up to 17855 – 17781/5362 – 5338 levels.
Economic and Political News
• SEBI panel recommends raising open offer trigger to 25%
• Fuel consumption rises 1.7% to 12.09MT in June
• IMF to boost lending resources by US $250bn to US $1tn to prevent future crises
• Lending rates likely to go up after Sept: ICICI Bank
Corporate News
• ONGC submits viability report of 9 gas blocks to DGH
• BHEL bags Rs2,665cr order for Chhattisgarh thermal power plant
• Vardhaman Textiles to spin off steel business
• Nalco eyes Afghanistan's mining sector
The key benchmark indices opened on a negative note, tracking weak cues from global markets. However, the markets soon moved higher from lower levels on account of buying interest among PSU and banking stocks and positive sentiments from Chinese markets. The recovery was, however, shortlived and markets tumbled to trade in the negative zone. Markets became volatile and moved in a narrow band thereafter. Finally, markets reversed early trends and ended on a flat note. The Sensex and Nifty ended lower, down by 0.2% and 0.1%, respectively, while BSE mid-cap and small-cap indices outperformed the Sensex, closing up by 0.2% and 0.1%, respectively. Among the front liners, NTPC, Rel Comm., Hindalco, L&T and HDFC were up nearly by 1–3%, while ITC, Sterlite, DLF, Maruti and Hero Honda declined by 1–3%. Among mid-caps, Shree Global Trade, BF Utilities, United Brewries, Andhra Bank and Gujarat Fluo. were up by 6–20%, while Whirlpool, State Bank of Travancore, Gee Kay Fin., Zydus Wellness and Kirloskar Bros. were down by 3–5%.
Markets Today
The trend deciding level for the day is 17930/5386 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18004 – 18079/5410 – 5433 levels. However, if NIFTY trades below 17930/5386 levels for the first half-an-hour of trade then it may correct up to 17855 – 17781/5362 – 5338 levels.
Economic and Political News
• SEBI panel recommends raising open offer trigger to 25%
• Fuel consumption rises 1.7% to 12.09MT in June
• IMF to boost lending resources by US $250bn to US $1tn to prevent future crises
• Lending rates likely to go up after Sept: ICICI Bank
Corporate News
• ONGC submits viability report of 9 gas blocks to DGH
• BHEL bags Rs2,665cr order for Chhattisgarh thermal power plant
• Vardhaman Textiles to spin off steel business
• Nalco eyes Afghanistan's mining sector
Monday, July 12, 2010
Market Outlook---July 13, 2010
Dealer’s Diary
The market opened on a firm note, tracking higher Asian stocks. The key benchmark indices hit three-month highs at the onset of the trading session, with IT and realty stocks leading the rally. The Sensex crossed the psychological 18,000 mark for a brief period in mid-morning trade but fell below that level later on account of lower-than-expected growth in industrial production in May 2010. It trimmed gains after extending recovery from lower levels in midafternoon trade and moved in a range in late trade. The Sensex and Nifty closed with gains of 0.6% each. BSE mid-cap and small-cap indices also ended the session with gains of 0.3% and 0.6%, respectively. Among the front liners, DLF, Tata Motors, Wipro, TCS and BHEL were up by nearly 2%, while Reliance Infra., Hero Honda, RCOM, ONGC and ACC declined by 1–2%. Among midcaps, Polaris Software, Bajaj Electricals, Mahindra Lifespace, Educomp Solutions and Gujarat State Fertilizers were up by 6–9%, while Astrazeneca Pharma, Cox Kings, Monnet Ispat, Balrampur Chini and Bajaj Holdings were down by 3–5%.
Markets Today
The trend deciding level for the day is 17941 / 5379 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18007 – 18076 / 5407 – 5430 levels. However, if NIFTY trades below 17941 / 5379 levels for the first half-an-hour of trade then it may correct up to 17871 - 17806 / 5356 - 5328 levels.
Economic and Political News
• Industry grows by 11.5% in May 2010
• Government plans Rs10k-cr VC fund to promote R&D in Pharma
• RBI likely to announce sunset clause for base rate migration
• Steel Ministry for banning iron ore exports
Corporate News
• NTPC dumps Uttar Pradesh, to set up 4,000MW power plant in Madhya Pradesh
• Nalco close to buyouts in Chile, Namibia, Indonesia
• StanChart signs pact to acquire GE Commercial Financing
• P&G to get Ambi Pur rights in India from Godrej
The market opened on a firm note, tracking higher Asian stocks. The key benchmark indices hit three-month highs at the onset of the trading session, with IT and realty stocks leading the rally. The Sensex crossed the psychological 18,000 mark for a brief period in mid-morning trade but fell below that level later on account of lower-than-expected growth in industrial production in May 2010. It trimmed gains after extending recovery from lower levels in midafternoon trade and moved in a range in late trade. The Sensex and Nifty closed with gains of 0.6% each. BSE mid-cap and small-cap indices also ended the session with gains of 0.3% and 0.6%, respectively. Among the front liners, DLF, Tata Motors, Wipro, TCS and BHEL were up by nearly 2%, while Reliance Infra., Hero Honda, RCOM, ONGC and ACC declined by 1–2%. Among midcaps, Polaris Software, Bajaj Electricals, Mahindra Lifespace, Educomp Solutions and Gujarat State Fertilizers were up by 6–9%, while Astrazeneca Pharma, Cox Kings, Monnet Ispat, Balrampur Chini and Bajaj Holdings were down by 3–5%.
Markets Today
The trend deciding level for the day is 17941 / 5379 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18007 – 18076 / 5407 – 5430 levels. However, if NIFTY trades below 17941 / 5379 levels for the first half-an-hour of trade then it may correct up to 17871 - 17806 / 5356 - 5328 levels.
Economic and Political News
• Industry grows by 11.5% in May 2010
• Government plans Rs10k-cr VC fund to promote R&D in Pharma
• RBI likely to announce sunset clause for base rate migration
• Steel Ministry for banning iron ore exports
Corporate News
• NTPC dumps Uttar Pradesh, to set up 4,000MW power plant in Madhya Pradesh
• Nalco close to buyouts in Chile, Namibia, Indonesia
• StanChart signs pact to acquire GE Commercial Financing
• P&G to get Ambi Pur rights in India from Godrej
Thursday, July 8, 2010
Market Outlook---July 9, 2010
Dealer’s Diary
The market opened on a firm note tracking higher Asian stocks. The key benchmark indices extended gains to hit fresh intraday highs in early afternoon trade, as the latest data showed eased food inflation in late June 2010. The market held firm throughout the trading session. A hike in 2010 global growth forecast from the International Monetary Fund (IMF), firm Asian stocks and SEBI's decision to reduce exposure margins for stock derivatives boosted sentiments. The market ended the trading session in profit, with all sectoral indices on BSE ending in green. Stocks of consumer durables, FMCG, healthcare and capital goods rose. The Sensex and Nifty closed with gains of 1% each. BSE mid-cap and small-cap indices also ended the session with gains of 1% each. Among the front liners, Sterlite Industries, SBI, Hindalco, Tata Steel and ICICI Bank were up by 2–4%, while ACC, NTPC, HUL, Jindal Steel and Reliance Infra. declined by 0–1%. Among mid-caps, Blue Dart, GTL, Amtek Auto, Bharat Forge and Godrej Industries were up by 5–9%, while Trent, TV 18, Bajaj Holdings, Gee Kay Finance and AstraZeneca Pharma were down by 4–14%.
The trend deciding level for the day is 17639/5286 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17741–17831/5331–5365 levels. However, if NIFTY trades below 17639/5286 levels for the first half-an-hour of trade then it may correct up to 17549–17447/ 5252–5208 levels.
Economic and Political News
· Indian economy to grow 9.5% in 2010 says IMF
· Food inflation eases to 12.6%
· Govt. approves proposal to increase share capital of NMDFC
· Breather for power firms as coal mining zone hiked by 10%
Corporate News
· Bajaj Auto, Renault Nissan sign pact for new car
· IDFC to raise Rs840cr via preferential issue to Actis and Khazanah
· Suzlon bags wind turbines order from Hindustan Petroleum
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