Dealer’s Diary
The market extended gains in morning trade and turned range bound in mid-morning trade. Strong global cues pushed the market sharply higher in the second half of trade. The market spurted to the day's high in mid-afternoon trade and extended gains in late trade as European stocks and US index futures rose. Strong auto sales, expansion in the manufacturing sector in August 2010 and resumption of buying by foreign funds underpinned sentiments. All the sectoral indices on the BSE were in green and the market breadth was strong. The Sensex and Nifty closed up by 1.3% each. BSE mid-cap and the small-cap indices closed up by 1.7% and 1.8%, respectively. Among the front liners, RCOM, Hindalco Industries, Sterlite Industries, Bharti Airtel and Tata Steel gained 3–5%, while Hero Honda, HDFC and ONGC lost 0–2%. Among mid caps, STC, FDC, United Breweries, Dredging Corp. and State Bank of Mysore gained 10–14%, while Allcargo Global, Shree Global Tradefin, Jain Irrigation, Fresenius Kabi Oncology and GSK Consumer lost 2–4%.
The trend deciding level for the day is 18153 / 5451 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18280 – 18353 / 5499 - 5527 levels. However, if NIFTY trades below 18153 / 5451 levels for the first half-an-hour of trade then it may correct up to 18080 – 17953 / 5424 - 5376 levels.
Economic and Political News
• Fiscal deficit fell 42% to Rs91k cr during April-July
• India's July exports up 13.2% yoy
• Govt says no to fresh gas allocation from KG-D6
• Coal India may not need anchor investors to support IPO
• RIL notifies fourth gas strike in D3 block of KG basin
• ONGC can decide on bidding for Cairn India by October
• HDFC raises benchmark lending rates
• Elder Pharma plans US $50mn QIP issue
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