10th April 2008 Market Outlook By Angel Broking
Dealer’s Diary
The market on Wednesday opened on a weak note tracking global market cues, but surged in late trade, ending with decent gains. The BSE Sensex ended 1.3% higher while the broader S&P CNX Nifty ended the day with 0.8% gain. Realty and FMCG stocks declined while Power and Capital Goods stocks rose higher. Banking stocks surged in late trade after Yes Bank announced better-than-expected results and said it had no delinquent derivatives exposures. Capital Goods stocks rose on reports of Finance Minister, P Chidambaram, meeting representatives from the Auto and Capital Goods industries to discuss industrial slowdown after the weak Index of Industrial Production (IIP) numbers in recent times. Among the frontliners, ICICI, Tata Steel, BHEL, HDFC and HDFC Bank gained 3-5.5%, while DLF, TCS, Bharti Airtel, HUL and Marity Suzuki lost ground by 1-1.5%. In the Mid-cap segment, 3iinfotech, Bajaj Hindustan, Balrampur Chini, NIIT Techno and IL&FS Investments gained 10-13.5%, whereas ICI India, Orchid Chem, Network Media, Koutons Retail and Orbit Corporation lost 2.5-7%.
Markets Today
The trend deciding level for the day is 4724 / 15695 .NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally upto 4781-4815 / 15925- 16060 . However, if NIFTY trades below 4724 / 15695 for the first half-an-hour of trade then it may correct upto 4690 / 15560 Read More
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