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Dealer’s Diary
The key benchmark indices opened Friday’s session on a negative note but
trimmed losses after hitting seven-week lows in morning trade. The indices
slipped into red, soon after regaining the positive zone after the monthly
inflation data came in early afternoon trade. The market hit fresh intraday highs
as it entered into the positive zone later. Erasing mid-session gains, it fell
sharply again, weighed by continued selling by foreign funds amid inflation
worries and a mixed bag of corporate earnings. The market breadth was weak
and intraday volatility was high with the Sensex and Nifty each ending 1.7%
lower. The mid-cap index closed 1.2% down, while the small-cap index declined
by 1.0%. Among the front-liners, Tata Power, Wipro, Jindal Steel, Mahindra &
Mahindra and Hindustan Unilever gained 0–2%, while Tata Motors, HDFC
Bank, HDFC, Sterlite Industries and Bajaj Auto lost 3–5%. Among the mid caps,
KGN Industries, Shree Asthavinayak, Godrej Properties, Indian Metals and
Aventis Pharma gained 3–5%, while BOC India, Unichem Lab, Mahindra &
Mahindra Finance, Sobha Developers and Jubilant Foodworks fell 5–8%.
Markets Today
The trend deciding level for the day is 19,040/5,709 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 19,268–19,676/5,779–5,903 levels. However, if NIFTY
trades below 19,040/5,709 levels for the first half-an-hour of trade then it may
correct up to 18,632–18,404/5,585-5,515 levels.
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