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Dealer’s Diary
Weakness persisted on the bourses for the third session in a row with inflation in
late December 2010 rekindling fears of interest rate hike by the Reserve Bank of
India (RBI). In early trades, markets surged on positive global cues. However,
these gains were soon pared in the mid-morning session, which extended to
mid-afternoon trades, when markets hit intraday lows reeling under the
pressure of weak banking and auto counters. However, towards close some
losses were trimmed on firm European markets and the benchmarks, the Sensex
and Nifty, ended the session lower by 0.6% and 0.5%, respectively. The
mid-cap index ended 1.2% lower, while the small-cap index declined by 1.0%.
Among the front-liners, Hindalco, TCS, NTPC, Bharti Airtel and RIL gained
1–2%, while Sterlite Inds, Bajaj Auto, ONGC, Cipla and Maruti Suzuki lost
3–4%. Among the mid-caps, Emami, KGN, Gujarat Fluorochem, Jain Irrigation
and Marico gained 3–10%, while Chambal Fertilizers, BGR Energy, National
Fertilizers, Shriram City Union Finance and Escorts lost 6–8%.
Markets Today
The trend deciding level for the day is 20,239/6,062 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 20,371-20,558/6,102-6,156 levels. However, if NIFTY trades
below 20,239/6,062 levels for the first half-an-hour of trade then it may correct
up to 20,053–19,921/6,008-5,968 levels.
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