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
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