Thursday, July 29, 2010

Market Outlook ---- July 29, 2010

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

1 comment:

Raahi said...

BSE SENSEX and NIFTY shed the previous gains and ended almost flat on WEDNESDAY after investors booked profit and index heavy weight and India’s largest telecom operator Bharti Airtel posted poor quarterly numbers.

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