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Markets Today
The trend deciding level for the day is 19698/5900 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 19825–20002/5935–5977 levels. However, if NIFTY trades
below 19698/5900 levels for the first half-an-hour of trade then it may correct
up to 19521–19394/5858–5823 levels.
Dealer’s Diary
The key benchmark indices opened low in early trade on weak Asian stocks;
however, the market trimmed its losses in the morning trade on reports that top
Indian firms have paid higher advance tax for the third installment of
December 15, 2010, strong debut of MOIL and good investor response to the
IPO of Punjab & Sind Bank, all of which triggered the intraday rebound.
Volatility ensued in the market, with the benchmark indices closing the trade low
on concerns that a fuel price hike may stoke inflation pressures. The Sensex and
Nifty closed in red with losses of 0.8% and 0.9%, respectively. BSE mid-cap and
small-cap indices also closed down by 1.4% and 1.5%, respectively. Among the
front liners, TCS, Infosys, Tata Motors, Bharti Airtel and Wipro gained by 1–2%,
while Hero Honda, DLF, ICICI Bank, SBI and HDFC Bank lost by 3–5%. Among
mid caps, KS Oils, MVL, IGL, Patni Computers and Puravankara Projects gained
4–17%, while Glodyne Tech., Dena Bank, Jubilant Foodworks, UCO Bank and
SpiceJet lost 5–10%.
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