Dealer’s Diary
The key benchmark indices skidded for the second straight day, tracking subdued European markets after data suggested weak economic activity in that region. Moreover, in domestic economic news, the spike in food inflation in the latest week rekindled worries that the Central Bank may interfere to check it earlier than expected. The market breadth turned negative in late trade from positive breadth earlier in the day. Interest rate-sensitive banking and realty stocks led the fall. The Sensex and Nifty closed down by 0.4% and 0.5%, respectively. While BSE mid-cap index closed low by 0.2%, the small-cap index closed flat in green. Among the front liners, HUL, ONGC, ITC, M&M and JP Associates gained 1–2%, while ICICI Bank, RIL, Bharti Airtel, Cipla and DLF lost 1–2%. Among mid caps, Dalmia Cement, BF Utilities, REI Agro, PTC India and HT Media gained 5–9%, while Blue Star, Rajesh Exports, Indiabulls Real Estate, Radico Khaitan and Indusind Bank lost 4–5%.
The trend deciding level for the day is 19877/5966 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19982 – 20104/6000– 6041 levels. However, if NIFTY trades below 19877/5966 levels for the first half-an-hour of trade then it may correct up to 19756–19650/5926–5892 levels.
· Food grain output looks comfortable in kharif 2010, says Pawar
· Food inflation rises to 15.46%; rains, floods push up prices
· Govt. clears 24 FDI proposals worth Rs2,727cr
Corporate News
· EIH to raise Rs1,300cr via rights issue; gets board nod
· KEC Intl. completes acquisition of SAE Towers
· L&T to foray into South Africa's power sector; to form a JV
· RCOM moves TDSAT challenging disconnection notice by BSNL
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