Dealer’s Diary
The key benchmark indices got a strong boost from good auto sales numbers of July 2010. Stocks surged at the onset of the trading session, tracking firm Asian equities, but the market came off the higher level later. However, it hit a fresh intraday high in afternoon trade as European stocks rose in early trade. The uptrend continued in mid-afternoon trade as European stocks extended gains and as US index futures surged. The market extended gains in late trade. The Sensex and Nifty recovered and ended up by 1.2% each. The BSE mid-cap and small-cap indices also closed up by 1.2% and 1.0%, respectively. Among the front liners, ICICI Bank, Bharti Airtel, SBI, ONGC and Sterlite Inds gained between 3–4%, while NTPC, TCS, Cipla, M&M and Tata Power lost between 0.0–0.3%. Among mid caps, Manappuram General Finance, Man Infra., Gujarat State Fertilizers, Videocon Inds. and Bayer Crop gained between 8– 20%, while REI Agro, Infotech Enterprises, Trent, Fresenius Kabi and Gujarat Fluorochemicals lost between 3–17%.
Markets Today
The trend deciding level for the day is 18032 / 5407 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18153 – 18225 / 5463 – 5495 levels. However, if NIFTY trades below 18032 / 5407 levels for the first half-an-hour of trade then it may correct up to 17960 – 17839 / 5376 – 5320 levels.
Economic and Political News
• About 79k patent applications lying with the government
• Mineral production in May rises 9%
• OMCs to float tenders for ethanol procurement at Rs27 per litre
• Government not considering duty on wheat imports, says Pawar
Corporate News
• Aurobindo gets FDA nod for ulcer drug
• SAIL invites bankers for 10% stake sale
• HCL Infosystems consortium bags order from MP government
• Videocon to set up Rs1,500cr TV unit in Tamil Nadu
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