Dealer’s Diary
The key benchmark indices opened on a tentative note and had an indecisive morning session due to the softness on the Chinese bourses and other Asian peers. Indices hit fresh intraday lows in early afternoon trade, as Asian stocks fell led by a steep slide in Chinese equities. Selling pressure intensified in afternoon trade as European stocks dropped in early trade as well. To close with, benchmark indices ended in the negative terrain due to lack of buying activity at higher levels, with the Sensex and Nifty closing down by 0.4% and 0.5%, respectively. BSE mid-cap and small-cap indices closed down by 0.5% and 0.4%, respectively. Among the front liners, Tata Motors, JP Associates, HUL, L&T and ICICI gained 1–4%, while Sterlite Industries, Wipro, Hindalco, TCS and Mahindra & Mahindra declined by 1–2%. Among mid caps, Prism Cement, Zydus Wellness, Indiabulls Real Estate, Educomp and Berger Paints grew 5–7%, while Jai Corp, Motherson Sumi, Sigrun Holdings, HT Media and Britannia Industries lost 4–6%.
The trend deciding level for the day is 18228/5466 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18285–18351/5486–5512 levels. However, if NIFTY trades below 18228/5466 levels for the first half-an-hour of trade then it may correct up to 18163–18105/5440–5420 levels.
Economic and Political News
• High Court asks SEBI to decide on MCX-SX plea by September 30
• Rajasthan government to take a 26% stake in ONGC’s Barmer refinery
• 18 foreign banks apply for branches, representative offices: Jr. Fin. Min. NN Meena
Corporate News
• M&M, Ruia submit bids for Ssangyong
• Uttam Galva increases prices by Rs500 a tonne
• GMR Infra gets US $1bn offer for InterGen stake
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