Dealer’s Diary
On Thursday, markets witnessed selling pressure towards late trades wiping off almost entire gains in contrast to the strong start. Buoyant auto sales in August 2010 and robust manufacturing activity bolstered sentiment in early trades. European stocks too edged higher amidst volatile trades. The Asian markets were firm on encouraging economic data. The Indian markets pared gains in a volatile afternoon session only to regain strength in mid-afternoon trades. It cut gains in late trades as index heavyweight Reliance Industries declined. The Sensex and Nifty closed up 0.2% and 0.3%, respectively. The BSE mid- and small-cap indices closed up 0.8% and 1.1%, respectively. Among the frontliners, Jaiprakash Associates, Sterlite Industries, Tata Power, HDFC and HDFC Bank gained 1–4%, while Hero Honda, TCS, BHEL, Bharti Airtel and Infosys lost 1–3%. Among the mid-caps, Apollo Tyres, Gujarat NRE Coke, Bayer Corp, IOB, and Ispat Industries gained 6–12%, while Sterlite Technologies, KGN Industries, State Bank of Bikaner, Dredging Corp and MVL lost 4–5%.
The trend deciding level for the day is 18270/5491 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18324–18140/5509–5533 levels. However, if NIFTY trades below 18270/5491 levels for the first half-an-hour of trade then it may correct up to 18184–18129/5467–5449 levels.
Economic and Political News
· Trade deficit in the first four months of the financial year reached US$43.6bn
· CM wants incentives to SEZ to continue
· Shipping ministry sanctions funds to port for land
· JSW Steel raises prices by 3-4%
· IRB Infra in pact with Indian Hotels to build hotel
· Welspun Corp bags Rs700cr orders
· Nalco open to equity dilution in US$3.9bn Indonesian project
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