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Markets Today
The trend deciding level for the day is 19,844/5,946 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 20,059–20,425/6,009-6,114 levels. However, if NIFTY
trades below 19,844/5,946 levels for the first half-an-hour of trade then it may
correct up to 19,477–19,262/5,842–5,779 levels.
Dealer’s Diary
The markets witnessed a steep decline on Friday with the key benchmark indices
extending a three-day losing streak on rising fears of an interest rate hike by the
central bank at a policy review scheduled later this month. The market opened
the session weak and extended this downtrend through the entire morning
session. Intense selling pressure in afternoon trades led to further downfall and
saw the Sensex shedding more than 300 points. The market breadth was
negative and both the Sensex and Nifty closed with losses of 2.4% each. The
mid-cap index ended 2.5% lower, while the small-cap index declined by 2.9%.
Among the front-liners, all the Sensex scrips ended in the red with
Hindalco Industries, Tata Motors, Bharti Airtel, Mahindra & Mahindra and
Sterlite Industries losing 4-7%. Among the mid-caps, UTV Software,
Shree Global Trade, Rajesh Exports, Gillette India and Bajaj Corp gained 2–3%,
while Polaris Soft, Shiv Vani Oil, JM Financial, Gujarat Fluorochem and
BF Utilities lost 7–8%.
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