Dealer’s Diary
Indian markets opened on a bullish note on the back of positive global cues. Further, the indices inched higher with Nifty hitting the 6,200 levels, led by strong buying across the auto and realty sectors. The trading momentum continued to be strong; however, profit booking emerged at higher levels paring initial gains. Further, the sentiment turned negative as European indices opened on a weak note. Finally, the benchmark indices managed to close in the positive zone with the Sensex and Nifty ending up 0.2% and 03%, respectively. BSE mid-cap and small-cap indices outperformed the Sensex, gaining 0.7% and 0.3%, respectively. Among the front liners, M&M, RCOM, HDFC, JP Associates and ICICI Bank gained 2–3%, while ITC, Sterlite Ind., Hero Honda, Bharti Airtel and L&T were down 1–2%. Among mid caps, Bhushan Steel, UCO bank, Mannapuram General, OnMobile Global and Tulip Telecom gained 6–17%, while Pipavav Shipyard, Motilal Oswal, Indraprastha Gas, Gujarat Fluro and Parsvanath Developers lost 3–8%.
The trend deciding level for the day is 20540/6175 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 20643 – 20809/6206 – 6253 levels. However, if NIFTY trades below 20540/6175 levels for the first half-an-hour of trade then it may correct up to 20373 - 20271/ 6129 - 6098 levels.
Economic and Political News
• No signs of overheating in economy: Montek Singh
• India’s September gold imports down 17.9% yoy to 32.6tonnes from 39.7tonnes
• Capital controls not needed for now: Finance Minister
• Plan panel highlights need for 4% farm growth
Corporate News
• Tata Motors acquires Italy's Trilix SRL for Euro1.85mn
• Ashok Leyland's vehicle sales surge 90% in September 2010
• Lupin’s US arm gets final USFDA nod for generic Hyzaar, Cozaar
• Alstom Projects secures order worth Rs550mn from Lanco Infratech
• Petron Engg. bags Rs1.64bn order from Adani Infra
• Alfa Laval wins Rs380mn order from Tata Chemicals
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In Great Britain, Halifax HPI a leading indicator of the housing industry’s health reported a slight rise of 0.2% despite a negative forecast. A continued rise of 0.6% is expected now although Activity is very slow since the beginning of the year.
More in Great Britain, Services PMI a leading indicator of economic health based on a survey of purchasing managers is predicted to drop further to 51.1 following a series of unexpected declines resulting in 51.3 points in August getting close to the critical 50.0 point line.
Later in Great Britain, BRC Shop Price Index measuring change in the price of goods purchased at British Retail Consortium-member retail stores gained 1.7% in August. A similar rise is expected now.
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