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Economic and Political News
Indian Airlines owes `300cr as arrears to AAI, says government
Forex inflows seen jumping 70% to US $91.3 this fiscal, says CMIE
RBI survey pegs growth at 8.5% for FY11
Corporate News
Vedanta to list Zambia unit, raise US $1.1bn
City Union Bank to raise `2,000cr by 2015
Novelis to raise US $4bn to help Hindalco refinance debt says report
NTPC says, it is in talks with Cement Corporation for plant in Orissa
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Dealer’s Diary
The key benchmark indices slumped as stocks fell across the world on concerns
over Ireland's debt and on fears of further monetary tightening in China.
Worries that US funds will close positions in emerging market stocks ahead of
the year-end to cash in on recent gains also added to the decline. The market
edged lower in early trade, mirroring the fall of Asian stocks, and thereafter
moved in a narrow range in the negative zone. The market slumped in early
afternoon trade, mirroring the fall of Chinese stocks. The market ended the
session in red, with the Sensex and the Nifty closing with losses of 2.2% each.
The mid-cap and small-cap indices also closed with losses of 2.2% and 2.9%,
respectively. Among the front liners only Bharti Airtel gained 1.2%, while Sterlite,
Hindalco, JP Associates, RCOM and Tata Motors lost 4–5%. Among mid caps,
MVL, Educomp, Bata India, Eicher Motors and Whirlpool gained 3–10%, while
Kwality Dairy, Rashtriya Chemicals & Fertilizers, National Fertilizers, Dewan
Housing and HCC lost 7–10%.
Markets Today
The trend deciding level for the day is 20026/6034 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 20219–20574/6098–6208 levels. However, if NIFTY trades
below 20026/6034 levels for the first half-an-hour of trade then it may correct
up to 19672–19478/5925–5861levels.
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