Market Commentary
Ø The Indian Benchmarks have made a steady start as it being the penultimate day of February F&O series expiry amid global uncertainty as the global cues are not giving any clear indication. The US markets made a mixed closing overnight while, most of the Asian equity indices were trading in the negative terrain at this point of time.
Ø Back home, markets started off marginally higher led by index heavyweights ONGC and Reliance Industries. ONGC up by about 3.5 percent, extending its previous day’s 4 percent rally on reports that the Empowered Group of Ministers (EGoM) is expected to meet on February 24 to chalk out roadmap for the company’s stake auction.
Ø On the sectoral front, oil and gas witnessed the maximum gain in trade followed by realty and power while, banking and software remained the only losers on sectoral space.
Ø In the scrip specific action, Kingfisher Airlines stocks jumped over 2.5 percent on reports that the debt laden carrier is likely to get Rs 1,200 crore bailout from State Bank of India (SBI). Kingfisher shares had plunged over 20% in intraday trade yesterday before making a smart recovery. Meanwhile, the broader indices were outperforming benchmarks. The market breadth was positive.
Ø As mentioned in our morning note according to systems Nifty is likely to trade between 5500 -5600; on the way down 5550 may now act as strong positional support for the market.
* INDICES: Sensex -22 at 18407 (-0.12%), NIFTY -14 at 5593 (-0.25%), CNXMIDCAP -87 at 7894 (-1.09%)
* SECTORAL PERFORMANCE: BANKEX -1.7%, AUTO -0.14%, CAPITAL GOODS -0.52%, HEALTHCARE 0.29%, Metal -0.86%, OIL & GAS 0.97%, IT 0.61%, FMCG -0.04%, PSU -0.51%, REALTY -1.63%, Consumer Durables -1.36%, POWER -0.23%
* MARKET BREADTH: 152 Advances, 341 Declines (BSE 500)
* TODAY'S GAINERS: SESA 3.57%, BPCL 1.79%, HMCL 1.79%, TCS 1.77%, SUNP 1.56%
* TODAY'S LOSERS: SBIN -4.15%, DLFU -3.41%, JSP -2.46%, PNB -2.4%, STLT -2.22%
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