Dealer’s Diary
The key indices opened positive but soon turned volatile and lost ground. However, the Sensex regained its positive zone in morning trade and continued to move in a narrow range thereafter. Fresh buying in select pivotals pushed the market to the day's high in early afternoon trade. The market once again slipped into the red in afternoon trade. The Sensex regained the positive zone later, but slipped into red at the fag end of the trading session before closing marginally positive. The Sensex closed with marginal gains of less than 0.1% and Nifty closed with gains of 0.2%. While BSE mid-cap gained 0.8%, BSE small-cap closed with gains of 0.9%. Among the front liners, JSPL, Cipla, Bharti Airtel, ONGC and ICICI Bank gained 2-3%, while Reliance Infra, ITC, Jaiprakash Associates, HDFC and HDFC Bank lost 1-2%. Among mid caps, State Bank of Mysore, State Bank of Bikaner and Jaipur, State Bank of Travancore, Radico Khaitan and Videocon Ind. gained 9-20%, while Sigrun Holdings, Shriram City Union, Shree Cement, Karnataka Bank and FDC declined 3-5%.
Markets Today
The trend deciding level for the day is 18412 / 5538 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18452 – 18495 / 5556 - 5568 levels. However, if NIFTY trades below 18412 / 5538 levels for the first half-an-hour of trade then it may correct up to 18369 – 18328 / 5525 - 5507 levels.
Economic and Political News
• Government extends sops to exporters
• Government confident of US $200bn exports in FY11
• Government extends DEPB policy by six months
• PSU oil companies could make counterbid for Cairn
• Adani Power to expand capacity to 16,000 MW by 2014
• M&M signs MoU to buy stake in Ssangyong
• Trent plans to invest Rs275cr in Star Bazaar over next three years
• ARSS Infra bags Rs103cr order from National Highways, Orissa
• Jubilant Organosys signs US $51mn CRAMS contract
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