India Market Wrap

* INDICES: Sensex +102 at 17707 (0.58%), NIFTY +36 at 5362 (0.67%), CNXMIDCAP +110 at 7434 (1.5%)

* SECTORAL PERFORMANCE: BANKEX 1.33%, AUTO 0.85%, CAPITAL GOODS 2%, HEALTHCARE -0.12%, Metal 1.63%, OIL & GAS 0.01%, IT 0.59%, FMCG 0.01%, PSU 1.37%, REALTY 3.96%, Consumer Durables 1.04%, POWER 0.52%

* MARKET BREADTH: 336 Advances, 160 Declines (BSE 500)

* VOLUMES: BSE $0.64bn (9.43%), NSE $3.06bn (9.21%), F&O $24.18bn (23.3%)

* TODAY'S GAINERS: ACC 5.28%, ACEM 4.67%, SIEM 3.89%, CAIR 3.73%, JSP 3.29%

* TODAY'S LOSERS: TPWR -4.7%, HUVR -3.57%, SUNP -1.64%, DRRD -1.42%, RELI -1.41%

* MARKET COMMENTARY:

After recuperating from day’s low, benchmark indices holded on their earned gains, and gyrating in a tight band. Benchmark indices showcased great amount of resilience. Frontline indices also borrowed some support from positive closing of most of the Asian markets. However, there was a mixed trend of European markets. Back home, on the sectoral front, stocks from Realty, Capital Goods and Metal counters supported, while stocks from Oil & Gas counter is seen as the only week spell of the trade. The market breadth was majorly in favor of advances. Meanwhile, to help the ailing airline industry, a Group of Ministers (GoM) is likely to meet later this week to discuss the issues concerning the aviation sector. The GoM is also likely to take a decision on investments limits in Indian carriers by foreign airlines, direct import of jet fuel by Indian carriers and Air India's financial restructuring plan. GoM will also have a discussion of the direct import of jet fuel by Indian carriers.

* NEWS ON TODAYS MOVERS:

- Power Finance Corporation rose 5.22% ,after net profit rose 68.16% to Rs 1107.91 crore on 27.2% increase in total income to Rs 3283.64 crore in Q3 December 2011 over Q3 December 2010.

- India Infoline jumped 12.80%,after consolidated net profit jumped 62.2% to Rs 35.81 crore on 16.9% growth in income to Rs 480.44 crore in Q3 December 2011 over Q2 September 2011.Company also said to raise Rs40,000 cr in FY13.

- Cement companies rose by 0.96% to 6.86%, extending recent gains triggered by good dispatches data in January 2012.

- Metal shares rose by 0.16% to 5.69% as LMEX, a gauge of six metals traded on the London Metal Exchange, jumped 2.45% to $3,740.50 on Friday, 3 February 2012.

- Fortis Healthcare surged but later on gave up all the gains and closed flat for the day after the company announced to raise $300 million.

- Unitech leads by 13.27% after the news that company has lowered its gross debt significantly by 40% from over Rs 9,000 crore in March, 2009 to about Rs 5,500 crore now and would further reduce the borrowing in coming quarters from operational cash flows.

- Shoppers Stop traded flat with lower than average volumes after it was declared as the winner for Customer & Brand Loyalty in the ‘Retail Sector - Large Formats’. The company has won this award for the third consecutive time.

- Jet Airways traded in green with 6.34% gains after, India’s premier international airline, has been declared as the winner for ‘Customer & Brand Loyalty in Domestic Commercial Airline Sector’ at the 5th Loyalty awards.

- Adani Ports slipped into red and closed with a loss of 1.43% despite of company’s reported 36% jump in Q3 net profit.

- Petronet traded positive for the most part of the day but later on pared of the gains and closed flat after the company said to be in talks with Kerala govt for power plant at Kochi

- Dena Bank gained 8.71% after country largest insurance company LIC said to pick up 5% stake in the company.

- India Cements cooled of and closed flat for the day after having rallied nearly 17.57% in preceding session ahead of result where company’s Q3 net jumps 160% to Rs 56 cr

* CORPORATE NEWS:

- SpiceJet Q3 net loss reduces to Rs 39 cr q-o-q

- Adani Power Q3 net loss at Rs358.12 cr

- L&T bags Rs1937 crore order from GVK

- MRPL makes first petrol sale in 8 mnths

- RIL in a fix over D6 gas price

- NMDC to unlock cash chest for overseas assets'

- Maruti Suzuki to launch more diesel models

- Hindustan Motors sets price for pref allotment

- GVK Power may raise Rs1200 Cr debt

- SBI waives service fee on SME loans

- Central Bank may recast loans to power cos

- State govt asks L&T to complete metro in 4 yrs

- HUL Q3 net rises 18% to Rs 753 cr

- Coal price hike drags Adani Power's net to Rs 358 cr

- Piramal Health raises Rs 1,800 cr for Vodafone stake

- Uninor to bid for 2G spectrum

- Piramal won't have cash after Vodafone stake buy

- Upstream oil cos to bear 38% of subsidy share

* ECONOMIC NEWS:

- RBI marginally relaxes FX curbs for banks with big open positions

- India needs govt commitment on fiscal consolidation: RBI

- India faces challenges on stable rating outlook: S&P report

- Govt hikes subsidy burden of upstream oil cos

- Budget 2012 may bring more services in tax net: Media