Dealer’s Diary
The markets opened in green following cues from Asian indices. However, markets traded in a narrow range with high volatility and gave up early gains. By the beginning of the afternoon session, markets traded in red, but mildly recovered to trade near their previous close before slipping again to fall near the day’s lows. The beginning of the final session again witnessed recovery, taking indices in the green, but a sharp sell-off took indices lower in the negative. The Sensex and Nifty closed lower by 0.1% each, while the BSE mid and small-cap indices outperformed their benchmark indices with gains of 1.0% each. Among the front liners, Hero Honda, Bharti Airtel, Reliance Infra, ONGC and HUL gained 1–2%, while Jindal Steel, JP Associates, Hindalco, Sterlite Industries and Reliance Ind. lost 1–2%. Among mid caps, KEC Int., Nirma, MVL, Escorts and MRF gained 7–14%, while KGN Industries, Sirgun Holdings, Rajesh Exports, Infotech Enterprises and Peninsula Land lost 3–4%.
Markets Today
The trend deciding level for the day is 18248 / 5488 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18290 – 18358 / 5502 - 5525 levels. However, if NIFTY trades below 18248 / 5488 levels for the first half-an-hour of trade then it may correct up to 18180 – 18138 / 5465 - 5451 levels.
Economic and Political News
• Maharashtra govt. probing irregularities in HCC’s Lavasa project
• Govt. clears US $5bn airplane purchases by SpiceJet, IndiGo and Jet Lite
• Govt. allows duty-free export of 5.5mn cotton bales
• RIL buys 3mn barrels spot Brazil crude
• ADAG picks up 15% in new Kerala airport
• Birlas raise stake in Hindalco by 4%
• Britannia to invest Rs100cr in two new plants in Bihar and Orissa
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