Dealer’s Diary
A bout of volatility was witnessed at the onset of the trading session as the key benchmark indices cut losses, soon after an initial slide. However, the intra-day recovery proved short-lived as the Sensex once again lost ground in morning trade, tracking weak Asian stocks. The market once again came off the lows in mid-morning trade as index heavyweight RIL bounced back. The market soon slipped into the red. Stocks moved in a narrow range in afternoon trade. The market remained subdued in mid-afternoon trade as European stocks reversed initial gains. Weakness persisted on the bourses in late trade. The Sensex and Nifty closed down by 0.3% and 0.2%, respectively. While, the BSE mid-cap index declined 0.1%, BSE small-cap index closed with gains of 0.1%. Among the front liners, DLF, L&T, Cipla, RIL and Hero Honda gained 1–4%, while Tata Motors, ICICI Bank, Wipro, HUL and ITC lost 1–3%. Among mid caps, Wockhardt, Jubilant Foodworks, BF Utilities, Gammon India and Brigade Enterprises gained 7–10%, while Chennai Petro, MVL, GSFC, HCC and Hindustan Oil declined by 4–7%.
Markets Today
The trend deciding level for the day is 18409 / 5530 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18457 – 18512 / 5547 – 5563 levels. However, if NIFTY trades below 18409 / 5530 levels for the first half-an-hour of trade then it may correct up to 18354 – 18306 / 5514 – 5497 levels.
Economic and Political News
· GST set to miss April 2011 deadline as the bill will not be introduced in the parliament
· DTC may moderate tax rates: CBDT Chairman
· Orissa to move apex court over POSCO project
· Apparel exporters ask government to provide more sops in FTP
· Forex reserves down by US $4.6bn to US $282.8bn for the week ending August 13
· FICCI demands additional duty sops for steel exports
· JSPL resumes implementation of steel and iron ore mine project in Bolivia
· BPCL buys stake in Australian shale gas fields
· Tata Steel to invest Rs1,000cr in Orissa plants
· Cairn-Vedanta deal may not get ministry’s approval
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