Dealer’s Diary
The markets opened on a smooth letter with a affirmative bias, following varied cues from large-scale markets. But, soon markets traded in red on credit of lack of wholesale by advanced levels. However, the indices managed to slash much of the first losses as wholesale support was witnessed amid power and FMCG stocks. At the same time as the period progressed, the indices continued to trade in a narrow range. Further, domestic indices witnessed a arduous sell-off as sentiments twisted downbeat due to weak opening of European stocks. Finally, the markets ended on a weak letter as promotion pressure was witnessed across sectors with the Sensex and Nifty down by 1.1% both. BSE mid-cap and small-cap indices were down by 0.7% and 0.9%, correspondingly. 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 standard 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%.
Markets Today
The trend deciding level used for the period is 20390/6142 levels. If NIFTY trades on top of this level through the original half-an-hour of trade next we can witness a more rally up to 20507 – 20698/6177 - 6234 levels. However, if NIFTY trades beneath 20390/6142 levels used for the original half-an-hour of trade next it can correct up to 20198 – 20081/6085 – 6050 levels.
Economic and Political News
• Food inflation dips marginally to 16.24%
• Food inflation would improve from November with the arrival of recent crop: Government
• Imports of precision items up by 21% in April–July to Rs23,039cr
• New rule on FDI in multi-brand retail soon: Commerce Ministry
Corporate News
• Zydus Cadila gets US FDA waggle to retailing anti-blood pressure drug
• S&P revises outlook of Tata Steel and its UK building block to durable
• Government to decide on Cairn deal by time base
Markets opened on an upbeat letter as the scale indices witnessed a gap up opening on the back of strong pitch in overnight US markets and affirmative Asian markets. However, the markets unsuccessful to sustain the first momentum and pared various of the opening gains as the period progressed. Indices continued to trade in the affirmative territory in first afternoon trade as strong wholesale occupation was seen amid realty, metals, and PSU stocks. Further, the indices rallied upwards, led by the affirmative opening of European indices. Finally, markets ended their session with modest gains on the back of broad-based wholesale across sectors. The Sensex and Nifty stopped up 0.7% both. BSE mid-cap and small-cap indices outperformed the Sensex, up 1.1% and 0.8%, correspondingly. 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 standard 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 used for the period is 20540/6175 levels. If NIFTY trades on top of this level through the original half-an-hour of trade next we can witness a more rally up to 20643 – 20809/6206 – 6253 levels. However, if NIFTY trades beneath 20540/6175 levels used for the original half-an-hour of trade next it can correct up to 20373 - 20271/ 6129 - 6098 levels.
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