Mid Market Wrap

Market Commentary:

Ø Asian stocks fell, heading for the first two-day decline since January, and the yen strengthened after data from the U.S. and Europe signaled slowing economic growth. Australia’s bond risk rose to a two-week high.

Ø Back home, Indian Equities witnessed very high volatility in the morning trade because of State Election results. The market trimmed losses after hitting its lowest level in almost five weeks in early trade. Nifty touched 5222 and then bounced back to 5382. This gain could not sustain and Nifty was trading at 5320, 60 point below its intra-day high.

Ø In most awaited UP election results- SP was leading in 194 seats out of 403 total seats, very close to majority mark.

Ø The market breadth was positive. All sectoral indices were in green.

Ø Rupee weakened past 50 against the dollar on Tuesday as unfolding state election results raised question about the government's ability to revive stalled reforms process, a key driver for continued strong foreign capital inflow.

Ø On Intra-day basis, Nifty Mar Futs see slide towards 5300 level because of state results not favoring Congress. On upside, Nifty can see resistance at 5380.

* INDICES: Sensex +141 at 17504 (0.81%), NIFTY +44 at 5324 (0.83%), CNXMIDCAP +111 at 7641 (1.47%)

* SECTORAL PERFORMANCE: BANKEX 1.53%, AUTO 1.1%, CAPITAL GOODS 1.65%, HEALTHCARE 0.73%, Metal 0.71%, OIL & GAS 0.02%, IT 0.73%, FMCG 1.15%, PSU 1.32%, REALTY 3.44%, Consumer Durables 2.13%, POWER 0.92%

* MARKET BREADTH: 382 Advances, 107 Declines (BSE 500)

* TODAY'S GAINERS: DLFU 5.1%, IDFC 3.42%, SIEM 3.35%, BHEL 3.28%, SBIN 3.17%

* TODAY'S LOSERS: TPWR -1.32%, CIPLA -0.96%, ACEM -0.83%, HNDL -0.54%, STLT -0.46%