Dealer’s Diary
Markets opened on an upbeat note as the benchmark indices witnessed a gap up opening on the back of strong surge in overnight US markets and positive Asian markets. However, the markets failed to sustain the early momentum and pared some of the opening gains as the day progressed. Indices continued to trade in the positive territory in early afternoon trade as strong buying activity was seen among realty, metals, and PSU stocks. Further, the indices rallied upwards, led by the positive opening of European indices. Finally, markets ended their session with modest gains on the back of broad-based buying across sectors. The Sensex and Nifty closed up 0.7% each. BSE mid-cap and small-cap indices outperformed the Sensex, up 1.1% and 0.8%, respectively. Among the front liners, JP Associates, Sterlite Ind., Hindalco, RIL and Jindal Steel gained 1–7%, while M&M, Hindustan Unilever, SBI, Cipla and RCOM were down 0–1%. Among mid caps, JM Financial, Binani Cement, Shipping Corp., State Bank of Mysore and Indiabulls Real Estate gained 8–18%, while DB Corp., BF Utilities, Torrent Pharma, Pidilite Ind. and Triveni Engineering lost 2– 4%.
The trend deciding level for the day is 20553/6186 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 20660 – 20776/6224 - 6261 levels. However, if NIFTY trades below 20553/6186 levels for the first half-an-hour of trade then it may correct up to 20437 – 20330/6149 - 6111 levels.
Economic and Political News
· Gems and jewellery exports may grow 30–35% in FY2011: GJEPC
· India-EU FTA by year-end: Sharma
· NHAI in talks with SBI for Rs10,000cr loan
· Shree Renuka Sugars gets 118mn litres ethanol supply orders from OMCs
· Eros International lines up Rs700cr capex for the next two years
· GAIL places orders for laying Dabhol-city gas pipeline
· Surya Roshni to invest Rs50cr for expansion
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