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Markets Today
The trend deciding level for the day is 19,391/5,805 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 19,624–20,024/5,868-5,974 levels. However, if NIFTY
trades below 19,391/5,805 levels for the first half-an-hour of trade then it may
correct up to 18,991–18,759/5,699-5,635 levels.
Dealer’s Diary
On the first trading session of the week, the key benchmark indices tumbled to
six-week closing lows on heightened fears of a rate hike by the RBI to cool
inflation and media reports that the proposed Goods and Service Tax (GST)
would not be rolled out before April 2012 due to continued Parliamentary
disruptions. Post hitting the four-week low mark at opening, the benchmark
indices saw some recovery soon after which was however short-lived as selling
pressure persisted. Towards mid-afternoon some losses were trimmed, but the
session ended mired in the red with not a single sector managing to end in the
green. Both the Sensex and Nifty declined 2.4% each. The mid-cap index ended
2.3% lower, while the small-cap index slipped 2.8%. Among the front-liners, all
the Sensex stocks ended in the red with HDFC Bank, BHEL, HDFC, Hindalco
Industries and Jaiprakash Associates losing 4-5%. Among the mid-caps, while
Cholamandalam Investments, United Breweries, Apollo Hospitals, Kirloskar Oil
Engines and IBN18 Broadcast gained 2-4%, Gujarat NRE Coke, ARSS Infra
Projects, Sintex Industries, Syndicate Bank and Alok Industries lost 7-8%.
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