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Dealer’s Diary
The key benchmark indices belled the day on a positive note but traded weak
thereafter amidst weak cues from Asian markets. Soon, the indices plunged
deep into the red with intense selling pressure seen in mid-cap and small-cap
stocks as reports appeared that the CBI was probing 21 companies on the
bribes-for-loans scandal. Sector wise, realty and infra stocks bore the brunt of
the panic selling. However, the market staged a recovery and traded flat in the
mid-afternoon session, following statement from the finance ministry, which
termed the housing finance racket as an isolated instance. The key indices
reversed direction in the final session as European stocks opened lower. Finally,
the market ended the week on a disappointing note, with the Sensex and Nifty
down 0.9% and 0.8%, respectively. BSE mid-cap and small-cap indices
outperformed the broader market and were down 3.1% and 4.5%, respectively.
Among the front liners, TCS, Cipla, SBI, Tata Power and ICICI Bank gained 0–
3%, while JP Associates, Rel. Infra, RCOM, Sterlite Ind. and Tata Motors lost 3–
8%. Among mid caps, IRB Infra, City Union Bank, Petronet LNG, Shree Global
and United Bank gained 2–5%, while Shree Ashtavinayak, HCC, ARSS Infra,
Man Infra and Akcruti City lost 13–20%.
Markets Today
The trend deciding level for the day is 19170/5760 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 19385 - 19632/5830 - 5908 levels. However, if NIFTY trades
below 19170/5760 levels for the first half-an-hour of trade then it may correct
up to 18922 - 18707/5682 - 5612 levels.
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