India Market Wrap

Ø INDICES: Sensex +358 at 17503 (2.09%), NIFTY +113 at 5334 (2.17%), CNXMIDCAP +219 at 7690 (2.93%)

Ø SECTORAL PERFORMANCE: BANKEX 3.66%, AUTO 2.22%, CAPITAL GOODS 3.75%, HEALTHCARE 1.39%, Metal 4.69%, OIL & GAS 1.52%, IT 0.51%, FMCG -0.12%, PSU 2.14%, REALTY 2.73%, Consumer Durables 2.92%, POWER 1.79%

Ø MARKET BREADTH: 414 Advances, 82 Declines (BSE 500)

Ø VOLUMES: BSE $0.69bn (32.78%), NSE $2.67bn (8.97%), F&O $18.48bn (-19.22%)

Ø TODAY'S GAINERS: TATA 7.41%, JSP 7.13%, ICICIBC 6.28%, LT 5.24%, IDFC 5.23%

Ø TODAY'S LOSERS: WPRO -1.76%, RPWR -1.39%, INFO -0.99%, ITC -0.81%, HUVR -0.71%

MARKET COMMENTARY:

Indian Benchmarks continued to trade with hefty gains in today’s session as investors’ appetite for riskier asset classes like equities got a boost from reports that debt laden Greece moved a step closer towards a crucial debt-swap in order to avert an onerous debt debacle. Though some profit booking around the psychological 17,500 (Sensex) and 5,350 (Nifty) levels brought the key indices off the day’s highs, however the gauges closed near to the highest tick of the day. Besides, the sanguinity in the global markets too buttressed investors’ mood in the session. Markets across Asian region along with European stock futures moved higher for second straight day as 85.8 percent of Greece's private creditors accepted its bond swap offer, helping the debt laden nation to avert an onerous debt debacle. Encouraging global economic report like the sharper than expected moderation in Chinese inflation along with higher than anticipated increase in German industrial output, buoyed investors’ morale. On the domestic front, across the board buying was evident on all the sectoral space with the Metal counter leading the space after rallying over 3.5% followed by the Capital Goods pocket which jumped over 3%.

NEWS ON TODAYS MOVERS:

Ø Mahindra Satyam rose 3.50% after the company said it acquired Delhi-based BPO firm vCustomer's International operations for $27 million.

Ø L&T rose nearly 5.29%, with the stock extending Wednesday's 0.06% gain triggered by the company securing new orders valued over Rs 1454 crore across various business segments in February and March 2012. Company also appointed K Venkataramanan as its chief executive officer and managing director, while its current chief A M Naik would remain executive chairman for the next five years.

Ø Reliance Communications surged close to 2.60%, after a large block deal was executed in the stock on BSE at the onset of the trading session.

Ø Multi Commodity Exchange of India surged with a stellar debut and closed nearly with 25% premium over the initial public offer price of Rs 1,032.

Ø Metal shares rose by 2% to 4% after the latest data showed China's inflation cooled in February 2012, giving policymakers room to further loosen monetary policy to support slowing growth.

Ø Rajesh Exports jumped nearly 6.50%, after the company said it cleared its obligations towards the issue of foreign currency convertible bonds within the stipulated time.

Ø Cairn India surged nearly 5.15% as crude oil futures rose for a third straight day today, 9 March 2012 on speculation that fuel demand will increase as the US labor market improves and on hopes of easing Europe's debt crisis

Ø L&T rose 4.41% after the Hindustan Construction Company rose 3.01% after the company said its board has decided to approach bankers through the corporate debt restructuring process for a re-alignment of the company's debt.

Ø ICICI Bank traded with gains of nearly 6.48% after company declared a plan of setting infrastructure debt fund

Ø Axis Bank traded in pink of its health with nearly 4.22% after , CARE has assigned ‘AAA’ rating to Rs 1,500 crore lower tier II bonds of Axis Bank. The rating factors in the above average growth in business volumes, comfortable profitability and operational efficiency parameters, continued healthy capitalisation levels, extensive branch network as well as its strong Current Account-Saving Account (CASA) deposits mix.

CORPORATE NEWS:

Ø Tata Steel surges on reports of price hike

Ø Tata Power may pick 30% Stake in Sekoko Coal JV

Ø KFA makes alternative arrangements for booking tickets

Ø JK Paper raises prodn capacity to 4.59 Lk ton

Ø GoM to meet today on cotton exports ban

Ø L&T appoints K Venkataramanan as CEO

Ø GAIL imports 16 LNG cargoes this fiscal

Ø MTNL rises on LIC disinvestment plans report

Ø Sadbhav Engg secures road proj from NHAI

Ø Satyam Computer buys vCustomer for $27 mn

Ø Tata Motors JLR to set up engine mfg unit in India

Ø Hero MotoCorp targets to export 1 mn units by 2016-17

Ø HCL Tech inks $300 mn deal with UPM

Ø MCX makes stellar debut

ECONOMIC NEWS:

Ø Budget 2012: Retail Ind expects implementation of GST

Ø TRAI issues consultation paper on spectrum auction