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Dealer’s Diary
High intraday volatility was the order of the day as the key benchmark indices
tumbled as world stocks fell on growing fears about the spreading of the
eurozone debt crisis to large European economies such as Italy and Spain.
Volatility ruled the roost in mid-morning trade as the market reacted to
disappointing industrial production growth data and reports of a Cabinet
reshuffle by the PM. The key benchmark indices slumped to two-week lows in
afternoon trade as European shares tumbled in opening trade. Weakness
continued in mid-afternoon trade. The market remained volatile in late trade
with the Sensex and Nifty reporting losses of 1.7% and 1.6%, respectively.
The mid-cap and small-cap indices closed down by 1.1% and 0.9%,
respectively. Among the front runners, ONGC and HUL gained 0–1%, while
Infosys, DLF, M&M, Jindal Steel and Reliance Infra lost 3–4%. Among mid caps,
Anant Raj Inds, SKS Microfinance, Wockhardt, SpiceJet and Honeywell Auto
gained 4–10%, while HDIL, Jain Irrigation, Shree Renuka Sugar, KGN Inds and
Whirlpool lost 5–6%.
Markets Today
The trend deciding level for the day is 18,442/5,534 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 18,558–18,705/5,572-5,618 levels. However, if NIFTY
trades below 18,442/5,534 levels for the first half-an-hour of trade then it may
correct up to 18,296–18,180/5,489-5451 levels.
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