Dealer’s Diary
The key benchmark indices opened higher on the back of mixed cues from the
Asian markets. However, soon after the markets pared all its gains and slipped
into the red. In mid-morning trades, markets traded volatile. The weak opening
by the European bourses further dampened sentiment with the key benchmark
indices hitting new intraday lows in early afternoon trades. The markets however
recovered in the last hour of trade to end the day with moderate losses and
both the Sensex and Nifty closing lower by 0.3%. The BSE mid- and small-cap
indices tracked the key indices closing down by 0.5% and 0.3%, respectively.
Among the front-liners, Cipla, Hindalco, Reliance Comm, Wipro and RIL gained
1-2%, while Tata Steel, M&M, Jaiprakash Associates, Tata Motors and ONGC
ended 2-3% lower. Among the mid-caps, Jubilant FoodWorks, Indiabulls Fin.,
Atlas Copco, Edelweiss Capital and IFCI gained 5-7%, while Rajesh Exports,
Greaves Cotton, JM Financial, Indian Bank and Nagarjuna Construction lost 3-
5%.
Markets Today
The trend deciding level for the day is 20268 / 6106 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 20391 – 20532 / 6146 – 6188 levels. However, if NIFTY
trades below 20268 / 6106 levels for the first half-an-hour of trade then it may
correct up to 20128 – 20005 / 6064 - 6025 levels
Economic and Political News
Forex reserves swell to US $294.2bn
Eased hybrid securities’ pricing hits RBI barrier
Steady inflows likely to keep rupee strong
Corporate News
M&M to sign pact with SsangYong by January 2011
Fortis Global to buy Hong Kong’s Quality Healthcare Asia for Rs882cr
Vedanta likely to sweeten open offer price to Rs405
SPIC promoters to infuse Rs100cr more
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
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