India Market Wrap

* INDICES: Sensex +81 at 17077 (0.48%), NIFTY +31 at 5158 (0.6%), CNXMIDCAP +97 at 7051 (1.39%)

* SECTORAL PERFORMANCE: BANKEX 0.33%, AUTO 1.15%, CAPITAL GOODS -0.33%, HEALTHCARE 0.62%, Metal 1.79%, OIL & GAS 0.57%, IT 1.2%, FMCG 0.58%, PSU 1.24%, REALTY 0.01%, Consumer Durables 1.12%, POWER 0.69%

* MARKET BREADTH: 353 Advances, 135 Declines (BSE 500)

* VOLUMES: BSE $0.55bn (-41.41%), NSE $3.05bn (7.23%), F&O $38.28bn (-6.65%)

* TODAY'S GAINERS: RELI 7.14%, SESA 5.99%, BPCL 4.18%, TTMT 4.05%, Coal 3.92%

* TODAY'S LOSERS: TPWR -2.04%, HMCL -1.81%, HCLT -1.79%, CAIR -1.66%, JSP -1.65%

* MARKET COMMENTARY:

The benchmark indices, which lost some ground after reaching the day’s high levels, recovered steadily towards end. The frontline indices traded with over half a percent gains and looked set to snap the January series Futures & Options contract on a strong note. Sentiments remain sanguine as investors were seen covering hefty short positions not only in heavyweight stocks but largely across the board, a day after the RBI kept key policy rates unchanged but by cutting the CRR to 5.5% from 6%, easing the liquidity by Rs 32,000 core into the Indian banking system. The Metal counter shone brightly with over one and half a percent gains followed by the IT sector which soared over a percent. Asia markets largely settled on a positive note on getting support from the rally in technology shares after Apple Inc reported record-smashing quarterly earnings that saw the company double its profits and sell more products than ever before. The European stocks too inched higher in early hours while investors awaited US Federal Reserve’s monetary policy and interest rate forecasts announcement scheduled later in the global day. Moreover, the broader markets traded on a strong note with over a percent gains, outperforming their larger peers by a fat margin. The market breadth was in favor of advances.

The stock market remains closed tomorrow, 26 January 2012, on account of Republic Day.

* NEWS ON TODAYS MOVERS:

- Cairn India declined closed to 1.76% towards the end of session, despite of company’s consolidated net profit rose 12.5% to Rs 2261.93 crore on 12.1% increase in total income to Rs 3510.58 crore in Q3 December 2011 over Q3 December 2010.

- Biocon fell close to 3.28% , after consolidated net profit fell 15.79% to Rs 84.85 crore on 2.65% increase in total income to Rs 532.18 crore in Q3 December 2011 over Q3 December 2010.

- United Spirits rose almost 16.50% on bargain hunting after the stock declined 11.61% in the preceding four sessions to Rs 571.20 on 24 January 2012 from a recent high of Rs 646.25 on 18 January 2012 There was also rumors that Co wants to Price new FCCB at RS 750/shr.

- Suzlon Energy rose close to 2.64%,after the company's subsidiary, REpower Systems SE, concluded a contract for the delivery of 25 wind turbines of the MM92 type with US developer enXco -- an EDF Energies Nouvelles company.

- Bank of Baroda fell more than 1% despite company’s net profit rose 20.67% to Rs 1289.85 crore on 39.09% increase in total income to Rs 8821.32 crore in Q3 December 2011 over Q3 December 2010. '

- Union Bank of India traded negative after net company’s profit fell 66% to Rs 197 crore on 27.1% growth in total income to Rs 5966.82 crore in Q3 December 2011 over Q3 December 2010.

- IT stocks traded firm with gain near to 1% after strong first quarter results by US tech major Apple Inc. on Tuesday, 24 January 2012.

- IRB Infrastructure Developers fell over 2%, after the company’s Q3 consolidated net profit fell by 1.22% to Rs131.39 crore

- Jain Irrigation Systems fell close to 3.18% on profit booking after the stock jumped 12.80% in the preceding four sessions to Rs 107.10 on 24 January 2012 from a recent low of Rs 94.95 on 18 January 2012.

* CORPORATE NEWS:

- Union Bank Q3 net dips 66% to Rs 197 cr

- Bank of Baroda Q3 net up 21% to 1,290 cr

- Patni Computer net profit at Rs 200 cr

- Biocon Q3 net down 16% to Rs 85 cr, lags estimates

- SBI may reduce lending rates in select sectors

- Grasim Q3 net profit marginally declines

- Biocon cons Q3 net profit falls

- MRPL Q3 net profit declines by 65%

- Greaves Cotton Q3 net profit falls 23%

- ITC gears up on investment plans in FMCG biz

- IMF lowers India's growth projections to 7%

- Tata Global cons Q3 net profit declines 11%

- Power Grid board OKs 2 projects worth Rs1,682 cr

- Alfa Laval delisting offer commences on Feb 15

* ECONOMIC NEWS:

- Trai waives SMS limit for business houses

- Cabinet gives final approval to Cairn-Vedanta deal

- Notification for fourth phase of UP polls issued

- RBI asks govt to deregulate diesel prices