Market Commentary:
* Quite a few important Asian markets are shut today on account of the Chinese New Year. Those Opened witnessed swung between gains and losses as increasing home sales in the U.S. added to signs the world’s biggest economy is recovering, outweighing uncertainties over continuing debt negotiations in Greece.
* Back home, equity markets have made a dismal start following disappointing results from Index heavyweight Reliance Industries. However, the benchmarks recovered immediately to trade flat led by banks and technology stocks. Even the buyback offer from Reliance supported the stock to cut some losses.
* Interest rate sensitive banking stocks rose on expectations that the Reserve Bank of India will start cutting interest rates in the coming months to prop up slowing economy.
* The rupee rose by 8 paise to Rs 50.23 per dollar in early trade on dollar selling by exporters.
* For Nifty, Intra-day support remains at 4980-5000 level while upside can be restricted to 5060.
* INDICES: Sensex -28 at 16711 (-0.16%), NIFTY -10 at 5039 (-0.19%), CNXMIDCAP +34 at 6837 (0.5%)
* SECTORAL PERFORMANCE: BANKEX 0.64%, AUTO -0.38%, CAPITAL GOODS -1.42%, HEALTHCARE 0.26%, Metal -2.12%, OIL & GAS -1.88%, IT 0.82%, FMCG 0.88%, PSU -0.07%, REALTY -0.59%, Consumer Durables 0.22%, POWER 0.57%
* MARKET BREADTH: 265 Advances, 226 Declines (BSE 500)
* TODAY'S GAINERS: PNB 1.7%, TPWR 1.67%, GRASIM 1.58%, ICICIBC 1.57%, WPRO 1.55%
* TODAY'S LOSERS: STLT -4.34%, HNDL -3.34%, RIL -3.03%, LT -2.9%, HMCL -2.8%
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