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Economic and Political News
India's October iron ore exports drop 30.4% yoy
NABARD raises refinance interest rate by 50bp
Sebi bars two Sahara cos, Subrata Roy from raising funds
Corporate News
Sun Pharma gets USFDA nod to market generic Cymbalta
Tata Motors expects 50% jump in LCV sales on robust demand
RIL, NTPC may settle gas supply dispute out of court
Adani Power synchronises fourth 330MW unit at Mundra
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Dealer’s Dairy
The key benchmark indices opened on a positive note as concerns over Korean
tensions and Chinese policy tightening eased a little. After slipping marginally
into the negative zone, the market continued with a positive tone, with buying
support seen across the auto and oil and gas sectors. The market pared gains
in early afternoon trade and the Sensex once again slipped into the red during
mid afternoon. Triggered by a multi-crore housing loan scandal, financial and
realty stocks led to a heavy sell-off in late trade, which tumbled the key
benchmark indices. According to media reports, the CBI had conducted raids
across the four major metros in connection with the fake home loan scam. The
Sensex and the Nifty closed with losses of around 1.2% each. The mid-cap and
the small-cap indices also lost 1.1% and 1%, respectively. Among the front
liners M&M, Bharti Airtel, Tata Steel, ITC and Tata Motors gained 0–3%, while
SBI, DLF, BHEL, ICICI Bank and HDFC Bank lost around 3%.
Markets Today
The trend deciding level for the day is 19557 / 5892 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 19738 – 20017 / 5950 - 6035 levels. However, if NIFTY
trades below 19557 / 5892 levels for the first half-an-hour of trade then it may
correct up to 19279 -19097 / 5807 - 5749 levels.
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