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Monday, 19 March 2012

India Market Wrap

Ø INDICES: Sensex -193 at 17273 (-1.1%), NIFTY -61 at 5257 (-1.14%), CNXMIDCAP -79 at 7559 (-1.04%)

Ø SECTORAL PERFORMANCE: BANKEX -1.95%, AUTO -0.37%, CAPITAL GOODS -2.14%, HEALTHCARE 0.03%, Metal -0.74%, OIL & GAS -1.27%, IT -1.5%, FMCG 1.09%, PSU -1.74%, REALTY -2.56%, Consumer Durables -0.11%, POWER -2.23%

Ø MARKET BREADTH: 137 Advances, 362 Declines (BSE 500)

Ø VOLUMES: BSE $0.47bn (-33.01%), NSE $2.19bn (-33.07%), F&O $26.23bn (-39.1%)

Ø TODAY'S GAINERS: CAIR 2.04%, ITC 2.01%, MM 1.92%, SUNP 1.78%, ACC 1.12%

Ø TODAY'S LOSERS: RELI -6.17%, BHEL -4.92%, IDFC -4.87%, TCS -4.07%, JPA -4.01%

MARKET COMMENTARY:

As written in our morning note Indian benchmarks continued its downward journey in today’s session as investors booked profits from blue-chip stocks. Next month's RBI policy will be the next near-term trigger for the Indian benchmarks. It remains to be seen how the central bank views the Budget, particularly the announcements on fiscal consolidation till that happen the near-term ride is going to be a little bumpy ; choppy and range bound. Also back home Consumer price inflation, similar to the WPI quickened in February to 8.83% on account of higher prices of protein based items and edible oil products, dampened investors’ morale. Traders today were seen piling up position in FMCG sector while selling was witnessed in Realty, Capital Goods (CG) and Power sector. Besides that , S&P cautioned that India’s budget for the fiscal year ending March 31, 2013, would be mildly negative for the unsolicited sovereign credit rating on India (BBB-/Stable/A-3). On the global front, Asian markets were trading on a mix note while the European markets were trading in red on pessimistic note. Back home, the market breadth was in favor of declines.

NEWS ON TODAYS MOVERS:

Ø Tube Investments of India and Atlas Cycles (Haryana) surged, extending Friday's rally triggered by the government hiking customs duty on bicycles from 10% to 30% in the Union Budget 2012-13.

Ø IFB Industries jumped nearly 4.12%, after the company said its board would meet on 29 March 2012 to consider issuing equity shares to promoters on preferential basis.

Ø Alok Industries lost nearly 1.5% after the company said its board would meet on 22 March 2012 to consider raising upto $150 million.

Ø Eros International Media rose 3.57% to Rs 203.10 at 10:45 IST on BSE after the company said it launched its dedicated online entertainment service to offer digitised Bollywood film content.

Ø Apollo Hospitals Enterprise lost nearly 0.79% on report the company is planning to raise $60 million from the International Finance Corporation.

Ø Reliance Industries fell nearly 2.23% on report gas output from the company's KG-D6 block has hit an all-time low production as the firm shut six wells due to water and sand ingress.

Ø IT stocks fell by 0.29% to 4.22% as the Union Budget 2012-13 has nothing on the table to bring cheer to the Information Technology and ITES sectors.

Ø Jet Airways gained nearly 0.63% after company commented on introducing direct Delhi-Dammam Boeing 737 service

Ø ONGC climbed nearly 0.41% into green terrain on notifying two prospective discoveries two new prospect discoveries- Well Nohta-2 in Vindhyan Basin and Well GK-42-1 in Kutch Offshore.

Ø NTPC traded flat on the day and closed with minor losses of 0.23% on back of a news article that company is planning to execute 3 big hydel projects in Uttarakhand

CORPORATE NEWS:

Ø Retail inflation in Feb rises to 8.83%

Ø NTPC to implement 3 big proj in Uttarakhand

Ø JSW Energy to slashed duties on imported coal

Ø RIL D6 output hits all-time low shuts 6 wells

Ø Steel prices to rise by up to Rs1K

Ø MOIL to enter power generation biz

Ø Rcom files papers on Singapore Stock Exchange

Ø Ashok Leyland, Karur Vysya Bank ink agreement

Ø Aditya Birla to invest Rs 400 crore in retail

Ø ONGC plans to invest over Rs33,065 cr next fiscal

Ø Eros Inter launches online entertainment services

ECONOMIC NEWS:

Ø Dinesh Trivedi officially resigns

Ø TRAI moves court against Loop Mobiles on MNP

Ø Mukul Roy likely to be new railway minister

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