Market Commentary:
Ø Asian stocks fell the most in two weeks after China announced its lowest economic growth target since 2004 and the nation’s service industries shrank. China pared the nation’s economic growth target to 7.5 percent from an 8 percent goal in place since 2005The yen rose against its major peers, while oil climbed.
Ø Backhome, NSE Nifty is continuing to fall, weighed down by banks, capital goods, metals, technology and oil & gas stocks. The market is eagerly waiting for the UP Assembly election results. According to exit polls, there may be a hung parliament in UP, with Samajwadi Party getting maximum votes.
Ø Nifty fell below 5300 level.
Ø ADAG group stocks: Reliance Infra, Rel power, RCOM & RCAP witnessed buying while Rel Infra being the top-gainer with 6.5% gain.
Ø The rupee fell 25 paise to 49.75 against the US dollar today following fresh demand from importers for the American currency.
Ø For Nifty Mar Futs, we expect it to find support near 5280 level on intra-day basis, while upside can be restricted to 5350-60.
* INDICES: Sensex -211 at 17426 (-1.19%), NIFTY -62 at 5297 (-1.16%), CNXMIDCAP -109 at 7547 (-1.42%)
* SECTORAL PERFORMANCE: BANKEX -2.11%, AUTO -0.47%, CAPITAL GOODS -1.76%, HEALTHCARE -0.41%, Metal -2.43%, OIL & GAS -1.02%, IT -0.32%, FMCG -0.49%, PSU -1.35%, REALTY -1.64%, Consumer Durables -1.72%, POWER -0.68%
* MARKET BREADTH: 127 Advances, 365 Declines (BSE 500)
* TODAY'S GAINERS: RELI 6.5%, RPWR 3.92%, RCOM 1.68%, BHARTI 1.17%, IDFC 1.14%
* TODAY'S LOSERS: JPA -5.84%, JSP -4.4%, HNDL -4.13%, DLFU -3.2%, HMCL -2.96%
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