Market Commentary:
* Asian stocks rose to a one-month high and South Korea’s won strengthened on signs Europe’s debt crisis is easing. Oil was set for the biggest weekly drop in a month as an embargo against Iran was said to face delays. The MSCI Asia Pacific Index climbed 0.6 percent.
* Backhome,equity markets have made a gap up start tracking positive cues from global indices. The market trimmed initial gains to hit fresh intraday low in morning trade.The market was trading with moderate gains amid volatility, supported by index heavyweights SBI, Bharti, L&T, ONGC and BHEL. However, the selling in Infosys, TCS, HDFC and HDFC Bank has limited the upside.
* The market breadth, indicating the overall health of the market, was strong.Rana Sugar, Balrampur Chini, Bajaj Hindusthan and Dhampur Suguar gained 4-9%. Infrastructure stocks like GVK Power, NCC, Lanco Infra and GMR Infra were up 2-3.5%.
* The rupee rose to a five-week high, propelled by dollar flows into local debt and equities as a rebound in factory production suggested an improving economic outlook.
* From Intra-day prespective, Nifty can see resistance at 4890 level while downside can be limited to 4815-20.
* INDICES: Sensex +84 at 16122 (0.53%), NIFTY +25 at 4856 (0.52%), CNXMIDCAP +59 at 6650 (0.89%)
* SECTORAL PERFORMANCE: BANKEX 0.51%, AUTO 0.69%, CAPITAL GOODS 1.8%, HEALTHCARE 0.1%, Metal 1.59%, OIL & GAS 0.3%, IT 0.09%, FMCG 0.9%, PSU 1.48%, REALTY 2.9%, Consumer Durables 0.43%, POWER 1.93%
* MARKET BREADTH: 404 Advances, 93 Declines (BSE 500)
* TODAY'S GAINERS: RPWR 4.51%, Coal 3.72%, TPWR 3.55%, DLFU 3.28%, RCOM 2.96%
* TODAY'S LOSERS: GAIL -2.01%, HCLT -1.61%, HNDL -1.36%, HDFC -1.19%, TCS -0.99%
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