Dealer’s Diary
The key benchmark indices edged higher in early trade on data showing sustained buying by foreign funds over the past two months and on revival of the monsoons. The market reversed initial gains and slipped into the red in morning trade as Asian stocks declined. However, it regained in mid-morning trade as data showed the services sector expanded for the 15th month in July 10. It slipped again into the red in mid-afternoon trade as European stocks and US index futures fell but surged in late trade. The Sensex and Nifty recovered and ended up by 0.6% and 0.5%, respectively. BSE mid-cap index closed almost flat, while small-cap index closed up by 0.5%. Among the front liners, TCS, Wipro, Infosys, BHEL and Reliance Infra gained between 2–4%, while Bharti Airtel, ACC, Tata Steel, RIL and JP Associates lost between 1–2%. Among mid caps, Jai Corp, Hathway Cables, Bayer Corp, Essar Ship Ports and India Bulls Fin. gained between 6–9%, while REI Agro, Punj Lloyd, Standard Chartered, Jubilant FoodWorks and Kwality Dairy lost between 4–7%.
The trend deciding level for the day is 18187 / 5459 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18820 – 18343 / 5490 – 5513 levels. However, if NIFTY trades below 18187 / 5459 levels for the first half-an-hour of trade then it may correct up to 18124 – 18030 / 5437 – 5406 levels.
Economic and Political News
• India M&A deals treble to US $50bn this year so far
• FDI plunges by 45% to US $1.41bn in June 2010
• PowerMin mulls Rs50,000cr fund for projects
• Maha cabinet nod for 'green tax' on vehicles
Corporate News
• IOC contributes Rs1,012cr to Bihar exchequer
• Era Infra achieves financial closure of a Rs692cr road project
• Maruti Suzuki launches Alto K10
• M&M plans to enter motorcycle biz by year-end
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