Friday, May 27, 2011
Coal India in talks to buy 40% in Indonesian miner for US$1bn. (ET)
DE Shaw and Reliance JV to offer 360 degree financial services. (ET)
Dr Reddy’s polypill for cardiovascular disease has shown positive results in clinical trials. (BL)
NMDC to acquire 50% stake in Australian mining company Legacy Iron Ore. (BL)
Just when we thought that short sellers seem to be increasing and markets would tank further, the last half an hour of the session saw cash based buying in the Nifty scrip’s which lifted the NSE Nifty to shit over 5400 levels, while the BSE Sensex ended above the 18,000 levels.
Markets started off with positive bias on the back of firm Asian markets following overnight gains in the US and European markets. Key indices were stuck in a very narrow range between 5380-5400 levels and struggled for direction. However, a sudden bout of buying in the index heavyweights like ONGC, DLF, Hero Honda, Gail and HUL lifted the NSE Nifty to end above the 5400 levels.
If we take care of the moments, the years will take care of themselves. - Maria Edgeworth.
Some late short-covering-led bounce lifted Indian indices on the F&O expiry day. Those gains may spill over into today’s session as most Asian markets are trading firm. Japanese shares are down due to a stronger yen. US stocks recovered from intraday lows to finish higher. Technology shares did even better on Wall Street.
Stock benchmarks in Europe were rather subdued. In the absence of major domestic cues, the close today will hinge on overseas markets. Overall, the market will stay sideways in the near-term. The Nifty is likely to find support in the 5300-5400 band and resistance in the 5500-5600 range.