Dealer’s Diary
The market edged lower in early trade as Asian stocks fell; however, it cut losses in morning trade as Reliance Industries (RIL) extended initial gains. Trading remained range bound in early afternoon trade and was volatile in afternoon trade. The key benchmark indices extended initial losses to hit fresh intraday low in late trade as global stocks fell. The market breadth turned negative in contrast to a strong breadth earlier in the day. Realty, FMCG, capital goods and IT stocks fell. The Sensex and Nifty ended the session in red, down by 0.7% and 0.8%, respectively. However, BSE mid-cap and small-cap indices closed up by 0.3% and 0.2%, respectively. Among the front liners, M&M, SBI, HDFC Bank, Tata Steel and HDFC gained between 0–3%, while Bharti Airtel, Hero Honda, DLF, ICICI Bank and Tata Motors lost between 2–3%. Among mid caps, Central Bank, IRB Infra, Opto Circuits, Omaxe and Oriental Bank gained between 7– 10%, while Sigrun Holdings, IVR Prime, Petronet LNG, Sterlite Tech. and Chambal Fertilizer lost between 3–5%.
The trend deciding level for the day is 17903 / 5377 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17966 – 18064 / 17805 – 17741 levels. However, if NIFTY trades below 17903 / 5377 levels for the first half-an-hour of trade then it may correct up to 17805 – 17741 / 5340 – 5313 levels.
Economic and Political News
· State-owned oil firms raised jet fuel (ATF) on Saturday, prices by 2.7%
· April-June fiscal deficit down 68%
· Power tariffs hiked in Bengal
Corporate News
· RIL-owned Infotel raises US $500mn from RBS consortium
· Adani starts third unit of Mundra power plant
· Maruti to launch five CNG versions of its cars
· ADAG, Universal near deal on US $1.5bn theme park
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