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Dealer’s Diary
The market snapped a three-day losing streak. Gains in world shares
underpinned the positive sentiment. The market drifted higher in early trade,
tracking a recovery in Asian equities. The market pared gains in morning trade
after hitting fresh intraday high. The key benchmark indices pared gains soon
after hitting fresh intraday highs in mid-morning trade as European contagion
fears lingered. The market regained strength in afternoon trade as European
stocks rose in early trade before coming off highs in mid-afternoon trade.
Intraday volatility continued as the market surged to a fresh intraday high in late
trade. The Sensex and Nifty closed with gains of 1.0% and 1.1%, respectively.
The mid-cap and small-cap indices closed with gains of 1.3% and 1.0%,
respectively. Among the front runners, DLF, M&M, ONGC, RIL and Tata Motors
gained 2–3%, while Infosys, Tata Power, HUL and Wipro lost 0–1%. Among mid
caps, Bajaj Finance, Indiabulls Real Estate, Sintex Industries, Arvind and
JM Financial gained 5–9%, while SKS Microfinance, Motherson Sumi, Godrej
Properties, AIA Engineering and Marico lost 2–10%.
Markets Today
The trend deciding level for the day is 18,563/5,574 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 18,660–18,724/5,607–5,629 levels. However, if NIFTY
trades below 18,563/5,574 levels for the first half-an-hour of trade then it may
correct up to 18,499–18,402/5,553–5,520 levels.
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