India Market Wrap

* INDICES: Sensex -371 at 16863 (-2.15%), NIFTY -117 at 5087 (-2.26%), CNXMIDCAP -150 at 6940 (-2.11%)

* SECTORAL PERFORMANCE: BANKEX -2.78%, AUTO -1.84%, CAPITAL GOODS -5.55%, HEALTHCARE -0.17%, Metal -2.85%, OIL & GAS -2.18%, IT -1.45%, FMCG -0.75%, PSU -1.82%, REALTY -3.1%, Consumer Durables -2.55%, POWER -3.54%

* MARKET BREADTH: 88 Advances, 407 Declines (BSE 500)

* VOLUMES: BSE $0.49bn (-9.78%), NSE $2.37bn (-15.19%), F&O $15.51bn (9.33%)

* TODAY'S GAINERS: RBXY 1.52%, SUNP 0.91%, BJAUT 0.68%, JSP 0.66%, DRRD 0.64%

* TODAY'S LOSERS: BHEL -10.76%, STLT -6.67%, JPA -6.5%, LT -5.52%, SESA -5.12%

* MARKET COMMENTARY:

Indian benchmarks drifted to day’s lows in the today’s session, the benchmark equity indices continue weak trade in the absence of buying among investors. Heavy selling was witnessed in Capital Goods, Power and Bankex sector. Infact all the thirteen sectoral indices were seen trading in red. Also, a CII survey report underscored the decline in business confidence in the December quarter owing to uncertain global economy, rising interest rates and surging inflation. BHEL was down with cut off around more than eight and half percent on announcing worse than expected earnings for the third quarter of this fiscal and dented investors’ sentiments. On the global front, all the Asian markets traded in red barring Taiwan Weighted while the European markets were also trading in red on a pessimistic note. Market participants are also awaiting the meeting of Euro-zone ministers scheduled later on today to discuss austerity and belt-tightening measures. Back home, the market breadth was in favor of declines.

* NEWS ON TODAYS MOVERS:

- Shares of Phoenix Mills traded flat in weak market , on news that the company is in talks for selling its commercial property in Kurla, valued around Rs300 crore

- Bhel slumped nearly 10.75%, after net profit rose just 2.1% to Rs 1432.61 crore on 19.2% rise in net sales to Rs 10547.97 crore in Q3 December 2011 over Q3 December 2010 on the back of sharp contraction in operating margin.

- Suzlon Energy lost close to 7.87%,on profit taking after the company announced winning new orders worth approximately Rs 2000 crore worldwide between 22 December 2011 and 23 January 2012.

- NTPC fell nearly 1.32% despite of the news that company signed an agreement with the Bangladesh Power Development board for setting up 1,320 megawatt joint venture thermal power plant.

- Sterlite Industries (India) declined 6.67%, on profit booking after advancing 11.45% in prior three trading sessions.

- India bulls Financial Services closed negative despite of company’s consolidated net profit surges by 22.15% to Rs247.41 crore for the quarter ended December 31, 2011

- Reliance Power gains over 6%intraday but later on gave up the gains and closed marginally negative, despite of reports that cash-rich energy major Reliance Industries has held initial talks with the company to jointly develop their adjoining.

- OBC declines over 3%, after the company's net profit slips by 13.23% to Rs354.22 crore

- Allahabad Bank surges over 4% but later on gave up the gains despite the company’s Q3 net profit rises by 34.78% to Rs560.43 crore.

- United Phosphorus declined by 3.94%, after company posted net profit of Rs120.02 crore for Q3 December 31, 2011

- Tilaknagar Inds traded flat , after the company said it has recently unveiled Mansion House Whisky in Mumbai

- Divi's Laboratories lost close to 3.91%,on profit taking after net profit rose 20.7% to Rs 122.55 crore on 33.7% growth in net sales to Rs 414.68 crore in Q3 December 2011 over Q3 December 2010.

- KSK Energy Ventures was locked in the 5%,after consolidated net profit surged 782.5% to Rs 75.54 crore on 123.1% jump in net sales to Rs 569.65 crore in Q3 December 2011 over Q3 December 2010.

- LIC Housing Finance lost ground close to 2.46%,despite of company’s net profit surged 43.18% to Rs 305.69 crore on 30.94% growth in total income to Rs 1588.52 crore in Q3 December 2011 over Q3 December 2010.

- NMDC declined close to 5% on reports the Ministry of Environment and Forests has rejected clearance to one of the iron-ore mines of state-owned iron ore miner in Bailadila district, Chhattisgarh.

- Zee Learn climbs on planning to raise funds up to $30 million via GDR issue

* CORPORATE NEWS:

- IVRCL bags Rs 1,300-cr project in Chhattisgarh from NHAI

- Oriental Bank Q3 net dips 13% to Rs 354 cr

- Indian Bank Q3 net up 7% to Rs 526 cr

- Kotak Mahindra Bank eyes local acquisition

- Imax plans 17 theatres in India by 2013

- Havells India Q3 net profit at Rs78.88 cr

- Jyoti Structures dips as Q3 net profit drops

- Indian Bank Q3 net profit rises by 7%

- IL&FS Transportation arm bags road contract in Haiti

- IB Financial Srvs Q3 cons net profit up 22%

- IOB seeks Rs1,450 cr funding from govt

- Oil Min asks RIL to withdraw arbitration notice

- Novartis India Q3 net dips 5.3% to Rs 38.35 cr

- United Phosphorus Q3 net rises 33%, misses forecast

* ECONOMIC NEWS:

- Uttarakhand registers 20% polling till noon

- 30% polling in Punjab till noon

- Polling begins on dull note in Uttarakhand

- Govt to focus on fiscal consolidation in budget

- Govt won't cut Iranian oil imports: Mukherjee

- FM clears govt’s stance on FDI, calls India a safe haven for global capital