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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