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
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