Dealer’s Diary
The key benchmark indices edged higher in the morning trade, driven by a solid surge in Tata Motors, triggered by its turnaround 1QFY2011 results. However, indices reversed initial gains on weak Asian stocks and as US index futures declined. Markets continued to decline on negative cues from Asia and Europe. Finally, the key benchmark indices slumped in late trade as US index futures tumbled as investors fretted about the pace and sustainability of the global economic recovery, with the Sensex and Nifty closing down by 0.8% and 0.7%, respectively. BSE mid-cap and small-cap indices closed down by 0.5% each. Among the front liners, Tata Motors, Jindal Steel, Tata Power, Hindalco and HUL gained 1–5%, while Tata Steel, HDFC, Wipro, Mahindra & Mahindra and ICICI Bank declined by 2–3%. Among mid caps, Tata Investment, United Breweries, Anant Raj Ind., Bajaj FinServ and Essar Shipping grew 5–11%, while Educomp, IVRCL Infra, Hathway Cables, Sigrun Holdings and Jubilant Foods lost 5–10%.
The trend deciding level for the day is 18126/5436 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18208–18347/5459–5498 levels. However, if NIFTY trades below 18126/5436 levels for the first half-an-hour of trade then it may correct up to 17987–17905/5397–5373 levels.
Economic and Political News
· Centre to take up request for new SEZs on September 16
· Government sanctions Rs4,764cr more for submarine project
· Cement exports dip 29% at 2.3mn tonnes in 2009–10
· Parliament allows Rs68,000cr extra spend on oil subsidy and social sector
Corporate News
· Era Infra achieves financial closure of Rs1,100cr road project
· IDFC raises Rs3,500cr via QIP, Preference issue
· Ashok Leyland wins order worth US $26mn for 1,000 buses
No comments:
Post a Comment