Market Commentary
*The euro declined for the first time in three days and copper fell as Germany, Spain and Italy plan 21 billion euros ($26.8 billion) in debt sales. Most Asian shares rose, led by mining companies. Germany will auction 4 billion euros of five-year notes today, while Spain and Italy will sell as much as 17 billion in debt the following day.
* Back home, Nifty continued to consolidate around the 4850 levels as investors settled down after yesterday's stellar rally, awaiting cues from the Reserve Bank and Q3 earnings. Major banks, realty, auto and metals stocks were supporting the market, while FMCG, capital goods, healthcare and power stocks were under pressure.
* The market breadth, indicating the overall health of the market, was strong.
* Airlines stocks jumped on reports the industry ministry is pitching for exemption of the sector from SEBI takeover code, which would come in the way of foreign carriers picking up a 26% stake in domestic companies.
* The Indian rupee fell by 20 paise to Rs 51.90 per dollar in early trade today on fresh dollar demand from banks and importers.
* As mentioned in the note yesterday, we remain bullish on DLF with first target of 205. The stock was up by 3% today, trading at 190-91 level.
* For Nifty, intra-day range is seen at 4820-4900 level.
* INDICES: Sensex +26 at 16191 (0.16%), NIFTY +9 at 4859 (0.19%), CNXMIDCAP +68 at 6536 (1.06%)
* SECTORAL PERFORMANCE: BANKEX 0.58%, AUTO -0.01%, CAPITAL GOODS -0.06%, HEALTHCARE 0.07%, Metal 1.48%, OIL & GAS 0.38%, IT -0.34%, FMCG 0.06%, PSU 0.11%, REALTY 2.95%, Consumer Durables 1.34%, POWER 0.72%
* MARKET BREADTH: 359 Advances, 133 Declines (BSE 500)
* TODAY'S GAINERS: HNDL 4.38%, STLT 3.6%, RELI 2.86%, DLFU 2.84%, SAIL 2.83%
* TODAY'S LOSERS: MM -2.45%, PWGR -1.56%, TCS -1.41%, JSP -1.23%, GRASIM -1.12%
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