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Dealer’s Diary
The key benchmark indices opened strong on Wednesday snapping the six-day
slide on firm world stocks and bargain hunting. However, mid-morning trades
saw a reversal following announcement of disappointing industrial production
data. Thereafter, markets recovered and erased almost all the intraday losses.
This was however temporary, as markets once again lost ground towards early
afternoon. The market breadth turned positive thereon and the indices hit a
fresh intraday high towards mid-afternoon and rallied by nearly 500 points. The
Sensex and Nifty ended 1.8% and 1.9% higher, respectively. The mid-cap index
closed 1.7% higher, while the small-cap index gained 1.4%. Among the frontliners,
Sterlite Industries, Tata Motors, ICICI Bank, TCS and HDFC gained 3-6%,
while Bajaj Auto, L&T, HUL, Cipla and RIL lost 1-2%. Among the mid-caps,
Orchid Chemicals, Whirlpool, Shree Renuka Sugars, Indiabulls Finance and
Gujarat Fluorochemicals gained 8-10%, while Shree Ashtavinayak, KGN
Industries, Shoppers Stop and Coromandel Intl lost 3-5%.
Markets Today
The trend deciding level for the day is 19,386/5,816 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 19,723–19,912/5,921-5,979 levels. However, if NIFTY
trades below 19,386/5,816 levels for the first half-an-hour of trade then it may
correct up to 19,197–18,860/5,758-5,653 levels
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