India Market Wrap

* INDICES: Sensex +24 at 17773 (0.14%), NIFTY +9 at 5390 (0.16%), CNXMIDCAP +15 at 7552 (0.19%)

* SECTORAL PERFORMANCE: BANKEX 0.36%, AUTO 0.84%, CAPITAL GOODS -0.75%, HEALTHCARE 0.35%, Metal 1.01%, OIL & GAS 0.27%, IT -0.34%, FMCG -0.05%, PSU 0%, REALTY 0.16%, Consumer Durables 0.61%, POWER 0.25%

* MARKET BREADTH: 260 Advances, 237 Declines (BSE 500)

* VOLUMES: BSE $0.61bn (-14.81%), NSE $2.6bn (-13.79%), F&O $23.07bn (-16.83%)

* TODAY'S GAINERS: RELI 5.1%, SESA 4.68%, KMB 3.67%, PWGR 2.89%, SUNP 2.16%

* TODAY'S LOSERS: WPRO -2.84%, SAIL -2.56%, TPWR -2.53%, CIPLA -2.19%, SBIN -1.96%

* MARKET COMMENTARY:

Indian benchmarks gained strength to trade in green above neutral line in the post afternoon session as the frontline indices were showing signs of vigor as investors accumulated blue chip counters. Traders were seen piling up positions in Consumer Durables, Oil & Gas and Auto sector while selling was witnessed in Capital Goods, TECH and IT sector. Going forward, the market will take cues from government policy action and budget expectation. Industry heavyweight Reliance Industries (RIL) was trading firm in green with gain of around more than one percent on reports that RIL and France's Dassault Aviation have signed a pact for partnering in the defence and homeland security sector in Asia's third-largest economy. On the global front, all Asian markets were trading in green barring Shanghai Composite while the European markets were too trading in green on an optimistic note. The Euro-zone’s debt crisis waned after Greek parliament voted to approve a package of harsh austerity measures to secure a second EU/IMF bailout and avoid bankruptcy. Back home, the market breadth on was in favor of advances.

* NEWS ON TODAYS MOVERS:

Ø Lovable Lingerie plunges nearly 12%, after reporting 23% q-o-q drop in net profit at Rs3.53 crore for the quarter ended December 2011

Ø IVRCL surges by nearly 2.20%, after the company said it has secured new orders aggregating Rs1429.78 crore

Ø Pantaloon Retail plunged nearly 6.67% after reporting a decline in net profit by 71.67% to Rs5.64 crore for the quarter ended December 31, 2011

Ø Reliance Power gained by nearly 1.33% after company reported a rise in consolidated net profit by 41.96% to Rs203.87 crore for the quarter ended December 31, 2011 .

Ø Bharati Shipyard plunged over 6.60%, after company’s net profit fell 93% to Rs1.62 crore in Q3 December 2011

Ø Britannia Inds surged by nearly 4.88%, after company’s net profit jumped 44.8% to Rs 54.07 crore in Q3 December 2011

Ø Tata Power fell by nearly 2.53% after company’s Q3 consolidated net profit fell by 40.62% to Rs262.67 cr for the quarter ended December 31, 2011

Ø Oil India traded flat despite company reported a rises in net profit by 11.67% to Rs1013.98 crore for the quarter ended December 31, 2011

Ø GAIL gained by nearly 0.58% after company commented on eying medium-term imported gas contracts.

Ø DLF fell 3.58% at open but later erased all the losses and closed flat for the day after company came out with consolidated net profit which fell 44.5% to Rs 258.35 crore on 18% decline in net sales to Rs 2034.37 crore in Q3 December 2011 over Q3 December 2010.

Ø Reliance Communications traded flat for the day despite of company’s consolidated net profit fell by 61.3% to Rs 186 crore on 1.8% decline in net sales to Rs 4737 crore in Q3 December 2011 over Q3 December 2010.

Ø Sun TV Network tumbled nearly 6.28%,after net profit fell 25.5% to Rs 167.88 crore on 28.9% fall in net sales to Rs 425.11 crore in Q3 December 2011 over Q3 December 2010.

Ø Sun Pharmaceuticals Industries surged nearly 2.16% after consolidated net profit jumped 91% to Rs 668.30 crore on 37% increase in net sales to Rs 2145.13 crore in Q3 December 2011 over Q3 December 2010.

Ø State Bank of India fell nearly 1.96% after company declared 3Q numbers and in which it came to be knows that bad loans rose in Q3 December 2011 over Q3 December 2010.

* CORPORATE NEWS:

Ø Parabolic Drugs Q3 net up 3% to Rs 13 cr

Ø Cognizant bags 5-yr IT outsourcing deal from Future Group

Ø IVRCL bags orders worth Rs 1,429 cr

Ø Taro's Q4 outperformance may kill Sun Pharma buyout

Ø Suzlon Energy Q3 Cons net loss at Rs286.46 cr

Ø Unity Infra in talks with PE firms to raise Rs175 cr

Ø DLF to raise Rs6K cr by end of next fiscal

Ø CBI starts in-house probe into AI's pay-off scam

Ø Dassault, RIL ink MoU for defence projects

Ø Emami Q3 cons net profit up 10%

Ø Aditya Birla Nuvo Q3 net profit at Rs252.39 cr

Ø Jain Irrigation Q3 net profit falls 98%

Ø Tata Power Q3 cons net profit falls by 41%

Ø M&M expects Xylo sales to cross 1 lakh by fiscal-end

Ø CESC Q3 net profit down by 33%

Ø Motherson Sumi Q3 net loss at Rs24.72 cr

* ECONOMIC NEWS:

Ø India's carmakers on fast track to capacity glut

Ø Growth should not be at cost of environment: PM

Ø Govt to enhance tax deduction for hsg loan in Budget

Ø TRAI to come out with fresh guidelines for new operators

Ø Central Bank not mulling loan recast to power utilities: Media