Dealer’s Diary
Volatility was the order of the day as the market swung between gains and losses after the government tabled the much-awaited Direct Taxes Code bill in the Lok Sabha. The market surged in early trade, tracking gains in Asian stocks and gained strength in mid-morning trade. However, it came off the lower level in afternoon trade and regained the positive zone after turning negative for a brief period in mid-afternoon trade. Immense volatility was witnessed in the last one hour of trade as the Sensex alternatively swung between gains and losses. The Sensex and Nifty closed up by 0.2% and 0.1%, respectively. BSE mid-cap index closed up by 0.1%, while the small-cap index closed down by 0.1%. Among the front liners, Tata Steel, Bharti Airtel, ONGC, Hindalco Industries and Reliance Infrastructure gained 2–3%, while ITC, BHEL, TCS, L&T and Infosys lost 0–1%. Among mid caps, EIH, KGN Industries, Pipavav Shipyard, Baja Electricals and Aurobindo Pharma gained 4–11%, while Pfizer, HCL Infosystems, FDC, MVL and State Bank of Travancore lost 3–4%.
The trend deciding level for the day is 18070 / 5425 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18179 – 18326 / 5460 - 5504 levels. However, if NIFTY trades below 18070 / 5425 levels for the first half-an-hour of trade then it may correct up to 17923 – 17813 / 5381 - 5346 levels.
Economic and Political News
• Government approves 1000MW grid-connected solar power projects
• India largest recipient of World Bank loans in 2009–10
• MoEF expands terms of reference of Posco committee
• PNB raises fixed deposit rate by 25bp
• RCOM has appointed Prashant Gokarn as the head for its 3G business operations
• EdServ to raise Rs12cr via warrants issue
• ACIL enters into contract farming for 173 acres in Gujarat
• Mundra Port begins operations at Gujarat terminal
1 comment:
Seems great
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