Angel Brokings: Markets today and News: Oct 13th

The key benchmark indices opened in the red following weak Asian stocks.
Markets extended losses in mid-morning trade. Further, in the afternoon
session, markets fell sharply following the news of lower-than-expected
industrial output numbers, which grew at 5.6% in August as compared to 10.6%
a year ago, and negative cues from European markets. Finally, in late
afternoon session, the key benchmark indices partially recovered the losses and
the Sensex and Nifty each closed down by 0.7%. BSE midcap index’s
performance was in line with key benchmark indices as it closed down by 0.5%,
while there was no change in the small-cap index. Among the front liners,
M&M, RCOM, TCS, ICICI Bank and Tata Motors gained 0–1%, while DLF,
Hindalco Inds, Jindal Steel, L&T and Jaiprakash Associates were down 1–2%.
Among mid caps, MRF, Novartis India, M&M Finance, Emami and Unichem
Lab. gained 4–7%, while CMC, JM Financial, India Infoline, Binani Cement and
Praj Industries lost 4–10%.
Markets Today
The trend deciding level for the day is 20226 / 6098 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 20345 – 20487 / 6138 - 6185 levels. However, if NIFTY
trades below 20226 / 6098 levels for the first half-an-hour of trade then it may
correct up to 20084 – 19965 / 6051 - 6011 levels.


Economic and Political News
􀂄 IIP growth plummets to 5.6% in August 2010
􀂄 RBI refuses to give FDI status to optionally convertible papers
􀂄 NPC plans Rs1,500cr fund for civil liability

Corporate News
􀂄 Pfizer sues Lupin on anti-epilepsy drug
􀂄 Lanco Infra ties up Rs1,800cr debt
􀂄 Tata Motors’ US $750mn share issue subscribed 3.4 times
􀂄 SCI files DRHP for Rs1,300cr FPO
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint