Dealer’s Diary
The markets edged lower at the onset of the trading session, following weak cues from the Asian markets. The Sensex hit a fresh intraday low in morning trade as the market extended initial losses. A strong intraday rebound was witnessed in afternoon trade as European indices opened in the green; however, the markets came off the higher levels later. A sharp slide in late trade pushed the key benchmark indices to the day's lows at the fag end of the trading session. The Sensex closed down by 0.7% and the Nifty closed down by 0.8%. BSE mid-cap and BSE small-cap also witnessed declines and closed down by 1.5% and 1.4%, respectively. Among the front liners, Sterlite Industries, ONGC, ITC, TCS and Infosys gained 0–1%, while DLF, Tata Steel, Hindalco, Cipla and Hero Honda lost 2–4%. Among mid caps, FDC, Ruchi Soya, Brigade Enterprises, Oriental Bank of Commerce and BASF India gained 2–7%, while BF Utilities, State Bank of Travancore, EIH, State Bank of Bikaner and Jaipur and IBN18 Broadcast declined 6–10%.
Markets Today
The trend deciding level for the day is 18216 / 5574 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18276 – 18372 / 5495 – 5527 levels. However, if NIFTY trades below 18216 / 5574 levels for the first half-an-hour of trade then it may correct up to 18120 – 18060 / 5441 - 5420 levels.
Economic and Political News
· India to speed up trade talks with EU, Japan and Malaysia
· Rs50,000cr infrastructure fund to be set up by early next fiscal: Montek Singh Ahluwalia
· State firms not to counterbid for Cairn: Oil Ministry
· Inflation a major concern: RBI
· State Bank of Mysore to come with rights issue at Rs540/share with 3:10 ratio
· Cummins India plans Rs750cr ramp-up
· Mahindra & Mahindra to complete Ssangyong acquisition in 4 months
· Religare promoters make 20% open offer in the firm at Rs457/share
· Royalty rates on radio to shift to revenue sharing from fixed fee regime
· Piramal Healthcare plans to sell Thane land: Reports
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