Mid Market Wrap

Market Commentary:

Ø A bout of volatility was witnessed in early trade and Indian equity markets opened in the green terrain on the back of supportive global cues.

Ø All the Asian counters were trading in the green at this point of time. However, the gains were capped after weak result from India’s largest telecom player Bharti Airtel. The stock tanked about 3.5 percent after reporting less than expected numbers in Q3. It’s consolidated net profit 22.40% to Rs 1011.30 crore for the quarter ended December 31, 2011 as compared to Rs 1303.30 crore for the same quarter in the previous year.

Ø On the sectoral front, consumer durable, software and realty remained the top gainers while, banking, healthcare and auto remained the only losers on the index. The broader indices were outperforming benchmarks. The market breadth on was positive.

Ø Moreover, traders remained on the safer side in opening trade and all eyes are on Greece and developments on that front will influence the direction of the local markets in second half.

Ø As mentioned in morning note the intermediate up-trend could pick up if the Nifty sustains above 5400 which is the near term strong resistance for the Nifty where we feel some profit booking is not ruled out. On the way down 5200 level, which acted as a strong resistance before, may now act as strong positional support for the market.

* INDICES: Sensex +102 at 17724 (0.58%), NIFTY +35 at 5370 (0.65%), CNXMIDCAP +68 at 7423 (0.92%)

* SECTORAL PERFORMANCE: BANKEX 0.09%, AUTO 0.98%, CAPITAL GOODS 0.89%, HEALTHCARE 0.15%, Metal 2.11%, OIL & GAS 0.84%, IT 0.4%, FMCG 0.05%, PSU 0.78%, REALTY 2.28%, Consumer Durables 1.44%, POWER 1.57%

* MARKET BREADTH: 391 Advances, 105 Declines (BSE 500)

* TODAY'S GAINERS: RELI 3.65%, JSP 3.42%, SESA 3.27%, HNDL 2.86%, RPWR 2.69%

* TODAY'S LOSERS: BHARTI -5.32%, ICICIBC -1.32%, ONGC -0.94%, DRRD -0.74%, ITC -0.73%

regards

Jatin Padharia
+912261544569
+919867336999