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Economic and Political News
FDI down 26% during January-September: DIPP
Gems, jewellery exports up by 31% at `12,979cr in October
Auto industry expects slower growth at 18–20%
Corporate News
IFIN to raise `70,000cr this fiscal to fund projects
HPCL, partners to divest 40% stake in gas block
Zensar acquires US co. Akibia for US $66mn
JSW Energy to acquire controlling stake in CIC Energy
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Dealer’s Dairy
The key benchmark indices opened on a downbeat note as markets witnessed a
gap-down opening on the back of negative global cues. Asian stocks fell on
lingering worries about Europe's debt. With weakness persisting in the morning
session, the market slumped in early afternoon trade on reports of cross firing
between North and South Korea, with war alert in Korea. The benchmark
indices significantly drifted below the baseline, with selling pressure witnessed
among the realty, metal, banking, and oil and gas sectors. After a steep fall, the
market recovered significantly in late trade backed by news reports that artillery
fire between North and South Korea had halted. The Sensex and Nifty closed
with losses of around 1.3% each. The mid-cap and small-cap indices also lost
1.1% and 1.7%, respectively. Among the front liners Maruti Suzuki and HUL
gained 0.3–1%, while Tata Power, SBI, Bharti Airtel, RCOM and Sterlite lost 2–
3%. Among mid caps, RCF, Jain Irrigation, National Fertilizers Ltd., Dish TV
India and Shoppers Stop gained 4–12%, while Network18 Media, Jai Corp.,
MVL Ltd., Indiabulls Real Estate and Zuari Industries lost 5–9%.
Markets Today
The trend deciding level for the day is 19625 / 5911 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 19908 – 20124 / 5997 – 6059 levels. However, if NIFTY
trades below 19625 / 5911 levels for the first half-an-hour of trade then it may
correct up to 19409 – 19127 / 5849 – 5763 levels.
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