Market Commentary:
* Asian stocks fell the most in almost a month, the euro touched an 11-year low versus the yen and metals retreated after Standard & Poor’s stripped France of its top credit rating and cut eight other euro-zone nations. The MSCI Asia Pacific Index tumbled 1.3%.
* Back home, benchmark indices extended initial losses to hit fresh intraday lows in morning trade on weak Asian stocks,though the cuts are not that severe but the impact was cleary visible. IT and technology stocks are witnessing some buying after the severe beating in last session on getting flat guidance of the sector bellwether Infosys. On the same time, the rate sensitive sectors are witnessing profit booking after the monthly inflation number which is at 7.47.
*The broader indices were in negative territory in similar to the benchmarks.The market breadth, indicating the overall health of the market, was negative.
* Shares of Den Networks jumped 8.58% while Hathway Cable & Datacom surged 11.31% on reports RIL has approached these companies among others to provide last-mile connectivity to 4G users.
* The rupee fell in opening trades on risk-aversion globally after the sovereign rating of several euro zone countries were cut. It was down by 40 bps.
* For Intra-day, Nifty support is seen at 4780 while upside is capped at 4860. Intra-day trading: Sell Nifty @ CMP 4850, Stop-loss @ 4865.
* INDICES: Sensex -68 at 16086 (-0.42%), NIFTY -25 at 4841 (-0.51%), CNXMIDCAP -52 at 6602 (-0.77%)
* SECTORAL PERFORMANCE: BANKEX -1.32%, AUTO -0.4%, CAPITAL GOODS -0.86%, HEALTHCARE -1.02%, Metal -0.66%, OIL & GAS -1.4%, IT 1.36%, FMCG 0.28%, PSU -0.7%, REALTY -0.84%, Consumer Durables -0.59%, POWER -0.6%
* MARKET BREADTH: 198 Advances, 295 Declines (BSE 500)
* TODAY'S GAINERS: TCS 2.22%, INFO 1.75%, HCLT 1.73%, IDFC 1.52%, TPWR 1.4%
* TODAY'S LOSERS: RPWR -3.08%, KMB -2.72%, JPA -2.48%, SESA -2.39%, SAIL -2.11%
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