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Economic and Political News
Food inflation hits three-month low at 10.15%
Finance Ministry to scan LIC’s investments in 40 cos.
CBI examines beneficiary companies in housing loan scam
Corporate News
GMR Infra arm bags project for Male International Airport
MIC Electronics gets orders worth `239mn
Lenders raise stake in Ispat to 10%
Cairn seeks India’s approval for stake sale
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Dealer’s Dairy
The key benchmark indices opened on an upbeat note, tracking strong global
cues. The Sensex continued to trade higher during the mid-morning session
amid positive global cues, and sustained buying was witnessed across index
heavyweights. IT stocks gained the most followed by consumer durable, while
realty stocks plunged. Post the mid-session, the market turned volatile and
hovered across the neutral zone. With alternate movements between positive
and negative zone, the market finally descended during late trade amid hefty
selling pressure mainly on account of rising concerns over the multi-crore
housing loan scam. The Sensex and Nifty closed with losses of 0.7% and 1.1%,
respectively. The mid-cap and small-cap indices also lost around 1.9% each.
Among the front liners Infosys, ACC, HDFC, TCS and Bharti gained 1–2%, while
Maruti, L&T, RCOM, DLF and Jaiprakash Assoc. lost 3–5%. Among mid caps,
Simplex Infra, Central Bank of India, Shree Astavinak Cine vision, Mcleod Russel
and Gujrat Flurochem gained 5–14%, while Money Matters Financial Services,
India Infoline, HCC, IRB Infra and Brigade Enterprises lost 8–20%.
Markets Today
The trend deciding level for the day is 19401 / 5829 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 19545 – 19772 / 5878 -5956 levels. However, if NIFTY
trades below 19401 / 5829 levels for the first half-an-hour of trade then it may
correct up to 19174 – 19030 / 5751 - 5702 levels.
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