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Markets Today
The trend deciding level for the day is 20,045/6,014 levels. If Sensex trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 20,154–20,326/6,047–6,102 levels. However, if Sensex
trades below 20,045/6,014 levels for the first half-an-hour of trade then it may
correct up to 19,873–19,765 / 5,959–5,927 levels.
Dealer’s Diary
The key benchmark indices reversed initial strong gains as profit taking
emerged at higher level. The market reversed course after hitting a three-week
high in early afternoon trade on weak European stocks and lower US index
futures. The market opened on a firm note as investors heaved a sigh of relief
after truckers, over the weekend, called off a proposed strike. Stocks extended
gains in morning trade and hovered near the day's high in early afternoon
trade. However, the market trimmed gains and slipped into the red at the fag
end of the trading session. The Sensex closed with marginal gains of 0.1%,
while the Nifty ended flat. BSE mid-cap and small-cap indices fell down by 0.4%
and 0.9%, respectively. Among the front liners, Strerlite Inds, Tata Steel, Tata
Motors, Jindal Steel and Hindalco Inds gained 3–4%, while SBI, Hero Honda,
Reliance Communications, ICICI Bank and ITC lost 1–4%. Among mid caps,
Gujarat Fluoro., Welspun Corp., Ispat Inds, Simplex Infra and Gujarat NRE
Coke gained 4–7%, while Glodyne Tech, Network 18 Media, Money Matters,
Shree Ashtavinayak and Birla Corp lost 5–8%.
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