India Market Wrap

* INDICES: Sensex -57 at 15883 (-0.36%), NIFTY -16 at 4750 (-0.33%), CNXMIDCAP +2 at 6262 (0.03%)
* SECTORAL PERFORMANCE: BANKEX 0.69%, AUTO -1.21%, CAPITAL GOODS 1.1%, HEALTHCARE 0.45%, Metal 0.63%, OIL & GAS -0.48%, IT -0.88%, FMCG -0.52%, PSU 1.73%, REALTY -0.33%, Consumer Durables -0.67%, POWER 0.56%
* MARKET BREADTH: 246 Advances, 250 Declines (BSE 500)
* VOLUMES: BSE $0.4bn (17.46%), NSE $1.83bn (18.75%), F&O $16.29bn (-0.49%)
* TODAY'S GAINERS: HCLT 3.77%, TTMT 3.74%, RBXY 2.73%, ICICIBC 2.38%, HNDL 2.38%
* TODAY'S LOSERS: BJAUT -4.61%, MM -3.82%, ACC -3.44%, BHARTI -3.43%, HUVR -3.06%

* MARKET COMMENTARY:
Indian equities consolidated to end marginally lower, after rising over 3% in previous two trading sessions; Sensex ended the day 0.36% lower to 15,883 whereas Nifty closed 0.33% in red to 4750. PSU stocks rose after the stock market regulator Securities and Exchange Board of India (Sebi) on Tuesday, 3 January 2012, made it easy for the government to quickly tap major institutional investors to sell up to 10% of its stake in listed public sector companies. Index heavyweight Reliance Industries (RIL) edged lower in volatile trade. On the global front, market men were still reluctant as concerns over the euro zone's huge refinancing needs persist ahead of German and Portugal’s bond auction but some encouraging comments and actions from Prime Ministers Mario Monti in Italy and Mariano Rajoy in Spain build the hopes. Back home, the market trimmed losses after hitting fresh intraday low in afternoon trade. Volatility was the order of the day as market trimmed gains after surging to hit their highest level in more than one week in mid-afternoon trade. The market slipped into the red once again later. L&T and BHEL from Capital Goods space were seen trading firm in green helping the markets edge higher. SAIL, Hindalco, SesaGoa, Tata Steel and Sterlite from Metal pack were trading in green giving the much needed support. However, Bajaj Auto, M&M and Hero MotoCorp from Auto pack were seen trading in red driving the markets down.

* NEWS ON TODAYS MOVERS:
- Adani Power was reportedly shortlisted to develop four projects worth Rs 19,000 crore with a total capacity of 3,792 megawatt in Kosovo, South Africa and Nigeria; stock closed 1.73% lower to Rs 65.40 reversing its initial gain.
- State Bank of India lost 0.56% to Rs 1,696 after the state-run bank said that it has cancelled the negotiations for establishing a joint venture entity with Visa Inc and Elavon Inc for conducting the merchant acquiring business.
- Cairn India lost 0.8% on profit taking after three-day 7.8% rally triggered by gains in crude oil futures.
- Kingfisher Airlines lost 2.33% after the Central Board of Excise and Customs reportedly warned the cash-strapped airliner of appropriate legal action if it fails to pay service tax dues by 6 January 2012.
- Mahindra & Mahindra fell 3.82% to Rs 639 on worries of heightened competition after Ford Motor Company said it will unveil a new, compact sport-utility vehicle later this week.
- Opto Circuits (India) rose 1.06% to Rs 205 after the company's wholly-owned US subsidiary received US Food and Drug Administration clearance for the sale a disposable cardiac monitoring device.
- Telecom services providers fell almost 1% on reports the telecoms department plans to impose penalties on mobile phone companies for allegedly understating revenues and hence paying lower revenue share.
- Tata Motors rose 3.74% to Rs 201 after the company's American depository receipt, or ADR surged 7.16% to settle at $18.11 on the New York Stock Exchange on Tuesday, 3 January 2012.
- ICICI Bank rose 2.38% to Rs 743 after the private sector bank's American depository receipt, or ADR jumped 6.51% to settle at $28.15 on the New York Stock Exchange on Tuesday, 3 January 2012.

* CORPORATE NEWS:
- TCS adds 200 clients on its SME platform iON
- Bosch to invest Rs2,200 cr in India in next 2 yr
- IDFC to raise up to Rs4,500 cr via infra bonds
- Hero MotoCorp launches three new bikes
- KFA asked to pay Dec service tax dues by Jan 6
- Bata plans to expand online presence
- SC seeks TRAI response on mobile connection norms
- Banks to require up to Rs2.7 lakh cr in fresh capital: Crisil
- SBI cancels proposed JV with Visa, Elavon
- IOC may set up Rs 30,000-cr refinery in Gujarat
- HC rejects DLF plea against SEBI probe
- Decisions on RIL block based on DGH input: OilMin to PAC
- Anti-dumping levy lifted on Saudi polypropylene import
- CIL's 3 projects recommended for green clearance
- Ford to invest Rs 750 cr in India to make new SUV
- NSE to conduct LIVE trading session on Jan 07

* ECONOMIC NEWS:
- Union Budget to be presented after March 9
- SEBI to relook at IPO process
- Govt may give green signal for PSU disinvestments
- RBI to buy Rs12K cr govt securities
- India Inc raises $1.58 bn in Nov through ECBs, FCCBs
- Govt defers decision on PSU disinvestment via buyback