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The key benchmark indices tumbled in late trade after a strong start, an exact
opposite movement to that witnessed on Monday, October 18, 2010. The
market breadth, which was strong for most of the day, turned negative in late
trade. IT stocks declined in volatile trade, tracking weakness in tech stocks in
Asia, triggered by Apple's weaker-than-expected iPad sales. Banking stocks fell
amid high intraday volatility. The Sensex and Nifty closed the trade in red,
losing 0.9% and 0.8%, respectively. BSE mid-cap and small-cap indices,
however, outperformed the benchmark indices, closing the trade with gains of
0.2% each. Among the front liners, Hero Honda, Cipla, ACC, Maruti Suzuki
and ICICI Bank gained 0–2%, while Infosys, Hindalco Industries, DLF, Tata Steel
and SBI lost 1–3%. Among mid caps, Biocon, ING Vysya Bank, Motilal Oswal,
Jyothy Lab and Pipavav Shipyard gained 6–13%, while Shree Global Tradefin,
Petronet LNG, SpiceJet, Alstom Projects and Triveni Engineering lost 3–6%.
Markets Today
The trend deciding level for the day is 20080/6055 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 20235–20488/6102–6177 levels. However, if NIFTY trades
below 20080/6055 levels for the first half-an-hour of trade then it may correct
up to 19827–19672/5980–5933 levels.
Economic and Political News
Domestic air passenger numbers drop 11.08%
TRAI regulation on unsolicited calls by October-end
India to step up asset sales in next six months as investor appetite grows
Corporate News
SBI grants highest ever loan of `300cr for dairy firms in Punjab
Videocon discovers Gas in another well in Mozambique
KAL Airways buys further 2.28% stake in SpiceJet
Havells enters new generation Electric Water Heaters business
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
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