Markets edged higher in early trade tracking firm Asian stocks. After a bout of
volatility, the markets surged in morning trade and extended gains in midmorning
trade. Markets continued their upward march to hit fresh intraday high
in afternoon trade as European stocks edged higher in opening trade. Buying
further intensified as foreign funds turned buyers across the board on hopes
that the US Federal Reserve may pump more money back into the US economy.
Markets further extended gains in late trade, with the Sensex and Nifty closing
with gains of 2.4% and 2.3%, respectively. BSE mid-cap and small-cap indices
underperformed the key benchmark indices, closing with gains of 1.0% and
1.1%, respectively. Among the front liners, HDFC, TCS, Wipro, L&T and
Jaiprakash Associates gained 4–5%, while NTPC lost 1.3%. Among mid caps,
Apollo Hospitals, MVL, Infotech Enterprises, Vijaya Bank, State Bank of Bikaner
and Jaipur gained 5–10%, while Jagran Prakashan, IPCA Labs, Info Edge India,
Man Infra and Shree Global Trading lost 2–3%.
Markets Today
The trend deciding level for the day is 20535/ 6188 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 20857–21027/6286-6338 levels. However, if NIFTY trades
below 20535/6188 levels for the first half-an-hour of trade then it may correct
up to 20365-20042/6136-6037 levels
Economic and Political News
Indirect tax mop-up jumps 44% in 1HFY2011
FDI inflows down 60% to US $1.33bn in August 2010
New land policy for top 13 state ports by October
Corporate News
Mahindra Satyam bags Kentucky project
Royal Orchid Hotels to raise `150cr
Atlanta bags `163cr order
I-T department raids Welspun Group’s premises
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
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