Dealer’s Diary
The markets opened the trading session on a flat note with a negative bias amid unfavorable global cues. However, the markets soon gained momentum and moved in the positive territory. The up move was limited as selling pressure was witnessed at higher levels and the indices traded in a narrow range exhibiting volatility. Further, the positive opening for the European markets supported the up move in the domestic market, but it did not last long and the indices ended the session on a weak note. The Sensex and Nifty closed down 0.3% and 02%, respectively. BSE mid-cap and small-cap indices outperformed the Sensex, gaining 0.8% and 1.1%, respectively. Among the front liners, RCOM, Reliance Infra, Mahindra & Mahindra, JP Associates and ACC gained 2-4%, while HDFC, HDFC Bank, Hindustan Unilever, Bharti Airtel and Hindalco were down 1-3%. Among mid caps, Sintex Ind., Indiabulls Financial Services, Kalpataru Power, Hindustan Oil and Patni Computer Systems gained 5-8%, while Man Infra, Amtek Auto, Eicher Motors, MVL and Shree Global Traders lost 2-3%.
The trend deciding level for the day is 20450/6151 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 20518 - 20628/6183 - 6221 levels. However, if NIFTY trades below 20450/6151 levels for the first half-an-hour of trade then it may correct up to 20340 - 20273/6113 - 6080 levels.
Economic and Political News
· India's rubber import increased by over 50% to 28,720 tonnes in September
· 18.18mn mobile users added in August: TRAI
· Common Wealth Games may add US $5bn to the economy: Government
· Inflation above comfort zone: Subir Gokarn
· NELP-IX to be launched next week
· Lanco Infratech raises Rs5,549cr debt to fund Vidarbha project
· Jindal Stainless hikes investment in Orissa project to Rs6,400cr
· Tata Motors starts open sales of Nano in Maharashtra, Karnataka, UP, WB
· JSW Energy commissions power project in Rajasthan
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