Dealer’s Diary
The
markets opened on a flat note with a
positive bias, following mixed cues from global
markets. But, soon Markets traded in red on account of lack of buying at higher levels. However, the indices managed to cut much of the early losses as buying support was witnessed among power and FMCG stocks. As the day progressed, the indices continued to trade in a narrow range. Further, domestic indices witnessed a
heavy sell-off as sentiments turned negative due to weak opening of European stocks. Finally, the Markets ended on a weak note as selling pressure was witnessed across sectors with the Sensex and Nifty down by 1.1% each. BSE mid-cap and small-cap indices were down by 0.7% and 0.9%, respectively. Among the front liners, Tata Power, Hero Honda, Cipla, Reliance Communications and Hindalco gained 0–3%, while Tata Steel, DLF, Reliance Infra., HDFC and BHEL were down 2–5%. Among mid caps, Apollo Hospitals, Jagran Prakashan, Biocon, Glaxosmithkline, South Indian Bank gained 4–10%, while JM Financial, Manappuram Gen, Escorts, Eicher Motors and Ispat Ind. lost 4–10%.
The trend deciding level for the day is 20390/6142 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 20507 – 20698/6177 - 6234 levels. However, if NIFTY trades below 20390/6142 levels for the first half-an-hour of trade then it may correct up to 20198 – 20081/6085 – 6050 levels.
Economic and Political News
• Food inflation dips marginally to 16.24%
• Food inflation would ease from November with the arrival of new crop: Government
• Imports of sensitive items up by 21% in April–July to Rs23,039cr
• New policy on FDI in multi-brand
retail soon: Commerce Ministry
• Zydus Cadila gets US FDA nod to sale anti-blood pressure drug
• S&P revises outlook of Tata Steel and its UK
unit to stable
• Government to decide on Cairn deal by year end
Markets opened on an upbeat note as the benchmark indices witnessed a gap up opening on the back of strong surge in overnight US markets and positive Asian markets. However, the markets failed to sustain the early momentum and pared some of the opening gains as the day progressed. Indices continued to trade in the positive territory in early afternoon trade as strong buying activity was seen among realty, metals, and PSU stocks. Further, the indices rallied upwards, led by the positive opening of European indices. Finally, markets ended their session with modest gains on the back of broad-based buying across sectors. The Sensex and Nifty
closed up 0.7% each. BSE mid-cap and small-cap indices outperformed the Sensex, up 1.1% and 0.8%, respectively. Among the front liners, JP Associates, Sterlite Ind., Hindalco, RIL and Jindal Steel gained 1–7%, while M&M, Hindustan Unilever, SBI, Cipla and RCOM were down 0–1%. Among mid caps, JM Financial, Binani Cement, Shipping Corp., State Bank of Mysore and Indiabulls Real Estate gained 8–18%, while DB Corp., BF Utilities, Torrent Pharma, Pidilite Ind. and Triveni Engineering lost 2– 4%.
The trend deciding level for the day is 20540/6175 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 20643 – 20809/6206 – 6253 levels. However, if NIFTY trades below 20540/6175 levels for the first half-an-hour of trade then it may correct up to 20373 - 20271/ 6129 - 6098 levels.
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