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
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BSE SENSEX and NIFTY benchmarks rose to their highest levels on hopes the RESERVE BANK OF INDIA will be pressured into lowering interest rates. Inflow of foreign money too aided the rally as foreign institutional investors have bought more than 4000crore worth of Indian equities in previous seven sessions. Country’s largest lenders State Bank Of India and ICICI Bank surged more than 2%.
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