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Dealer’s Diary
The key benchmark indices edged lower in early trade as Asian stocks fell on
geopolitical tension in the Korean peninsula and on continued worries over
Europe's sovereign debt woes. The market was parked in the negative zone in
the morning session. However, the market recovered in early afternoon trade,
led by index heavyweights Reliance Industries and Infosys. The market extended
gains in mid-afternoon trade, touching the psychological 20,000 mark, as firm
opening for European stocks boosted sentiments. Hero Honda jumped by 18%
after the company said that royalty payment to Japan's Honda Motor will go
down from January 2011. However, immense volatility was witnessed and the
key benchmark indices retreated from two week’s high. The Sensex closed with
gains of 0.1%, while the Nifty remained nearly flat. BSE mid-cap lost 0.1%,
while small-cap gained 0.4%. Among the front liners, Hero Honda, Cipla,
Maruti Suzuki, TCS and M&M gained 2–18%, while NTPC, Bharti Airtel, Sterlite
Inds., Reliance Infra. and SBI lost around 2%. Among mid caps, Ispat Inds.,
ARSS Infra, United Breweries, CMC Ltd. and EIH Ltd. gained 6–11%, while
Money Matters Financial Services, KGN Inds., Shree Ashtavinayak Cine Vision,
United Phosphorous and Kwality Dairy lost 4–5%.
Markets Today
The trend deciding level for the day is 19858 / 5944 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 20037 – 20185 / 5988 – 6029 levels. However, if NIFTY
trades below 19858 / 5944 levels for the first half-an-hour of trade then it may
correct up to 19710 – 19530 / 5903 - 5859 levels.
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