Dealer’s Diary
The markets opened on a firm note on data showing heavy buying by FIIs on Monday. The market surged in morning trade, extending initial gains. The sharp rally was followed by the Sensex instantly paring gains. The market came off the lower level in mid-morning trade as the rate of rise in inflation eased in August 2010. Stocks moved in a narrow range in early afternoon trade. The market strengthened in afternoon trade before coming off the higher levels in mid-afternoon trade. The Sensex and Nifty closed with gains of 0.7% and 0.6%, respectively. BSE mid and small-cap indices underperformed the benchmark indices to end lower by 0.6% and 0.7%, respectively. Among the front liners, Wipro, Jaiprakash Associates, Tata Motors, Sterlite Industries and DLF gained 3–4%, while Hindalco, ACC, SBI, Tata Power and Tata Steel lost 1–2%. Among mid caps, Sigrun Holdings, Dewan Housing, Ashok Leyland, Dish TV and Wockhardt gained 4–10%, while Ruchi Soya, Coromandel Intl, MVL, S. Kumars Nationwide and Britannia Industries lost 5–6%.
Markets Today
The trend deciding level for the day is 19351/5798 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19483–19620/5836–5876 levels. However, if NIFTY trades below 19351/ 5798 levels for the first half-an-hour of trade then it may correct up to 19214–19082/5758–5720 levels.
Economic and Political News
· April-Aug indirect tax revenue up 45% yoy
· Inflation dips to 8.5% on new series debut
· Coal curbs to hit new power units
Corporate News
· S Kumars raises US $50mn in share sale
· RPG firms buys 10% in Australian coal company
· United Spirits to buy 54.69% stake in PDL for Rs73.95cr
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