Ø INDICES: Sensex -63 at 17059 (-0.37%), NIFTY -16 at 5179 (-0.31%), CNXMIDCAP +19 at 7518 (0.26%)
Ø SECTORAL PERFORMANCE: BANKEX -0.15%, AUTO 0.67%, CAPITAL GOODS -1.61%, HEALTHCARE 0.92%, Metal 0.39%, OIL & GAS 0.19%, IT -1.01%, FMCG -0.65%, PSU -0.15%, REALTY 0.35%, Consumer Durables 0.88%, POWER -0.1%
Ø MARKET BREADTH: 271 Advances, 226 Declines (BSE 500)
Ø VOLUMES: BSE $0.38bn (-46.11%), NSE $2.87bn (33.68%), F&O $48.83bn (31.17%)
Ø TODAY'S GAINERS: RBXY 6.53%, JSP 4.19%, BPCL 3.1%, HMCL 2.44%, JPA 2.27%
Ø TODAY'S LOSERS: SIEM -3.2%, RCOM -2.13%, LT -2.08%, TCS -2.05%, INFO -1.8%
MARKET COMMENTARY:
The frontline Indian equity benchmarks ended almost unchanged on Monday at the end of a choppy trading session as investors chose to stay quiet despite of F&O expiry. As mentioned in our morning note benchmarks plunged at start and the undercurrent continued to be jittery over the impact of the proposed GAAR tax regulations on FII investments through Mauritius and via Participatory Notes (PNs). Offshore markets also didn’t help much to change the sentiment. Overall Selling pressure in local markets got aggravated after the negative opening for European markets which extended their declining momentum for third straight session on growing worries over global economic slowdown. Traders rolled over positions from the near-month to next month series ahead of the expiry. The March 2012 derivatives contract expires today i.e. on March 29, 2012.On the Flip side traders were seen piling up position in Health Care sector while selling was witnessed in Capital Goods, FMCG and TECH sector. Also on reports that India's core sector industries' output grew 6.8% year on year in February, too failed to prop-up sentiments. The market breadth was in favor of declines.
NEWS ON TODAYS MOVERS:
Ø Dr. Reddys Laboratories traded in pink of health with 0.44% gains extending from yesterday’s rally which was triggred on back of launching of Quetiapine fumarate tablets (25mg, 50mg, 100mg, 200mg, 300mg and 400mg), a bioequivalent version of SEROQUEL tablets in the US market.
Ø Aurobindo Pharma rose nearly 0.52% after the company said it has received final approvals from the US Food and Drug Administration to market Quetiapine Fumarate tablets in multiple strengths.
Ø Development Credit Bank rose declined nearly 3.35% after the private sector bank said its board has approved the allotment of 2.06 crore equity shares at Rs 47.84 per share on preferential basis to three investors.
Ø IT shares traded mixed on reports the US government has decided to hike H-1B visa fee from next fiscal.
Ø Coal India surged nearly 0.36% on reports the company's board will meet again today, 29 March 2012, to approve the new draft fuel supply agreement for power plants as directed by the Prime Minster's office.
Ø Fortis Healthcare (India) declined 2.10 on report the company is planning to sell stake to private equity investors.
Ø Tilaknagar Industries surged nearly 4.86% after the company said during trading hours on Wednesday, 28 March 2012, it has acquired two firms -- P P Caps and Srirampur Grains.
Ø Cairn India fell nearly 1.31%, extending Wednesday's 4.06% fall triggered by worries that a proposed 80% increase in cess on crude petroleum oil produced in India could discourage the firm's expansion plan.
Ø Dish TV spiked nearly 2.78% after company tied-up with SVR Payment solutions for the recharge options for convenience of the customers
Ø Hero Moto Corp traded higher nearly 2.44% on the bourses after company said it is likely to set up manufacturing and assembly plants in Africa, as it has identified growth markets in Africa.
CORPORATE NEWS:
Ø DCB rises as board approves preferential allotment
Ø Neyveli Lignite signs pact with SBI for Rs2500 cr loan
Ø United Phos board declares interim dividend
Ø KFA to return 5 ATR aircraft
Ø KFA service tax repayment deadline may extend: FM
Ø GAIL sings Gas Transmission Agreement with ITPL
Ø IT-Dept frozen Unitech shares in JV with Telenor
Ø EIH Associated board oks Rs110 cr via rights issue
Ø Nalco pays Rs202 cr interim dividend to govt
Ø CIL board to meet today to discuss draft fuel supply pact
Ø Fortis in talks with PE firms to sell 15-20% stake
Ø BoB gets OK to raise Rs1,645 cr via pref issue to LIC
ECONOMIC NEWS:
Ø RBI asks banks to improve NPA management
Ø Rise of India, China should not be at the cost of US: McCain
Ø IB to probe leakage of Army Chief's letter to PM
Ø Hike in defence expenditure natural: Antony
Ø February infra output up 6.8% y-o-y
Ø Politics shouldn't affect trade flow: India
Ø RBI retains states short-term borrowing cap rate
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