Mid Market Wrap

Market Commentary:

Ø Asian stocks fell for a third day, the longest stretch this year, while South Korea’s won slid before a deadline on Greece’s debt swap and as Australian growth missed estimates. Bond risk in Asia rose to a one-month high.

Ø Back home, the Indian equity markets have made soft start following weak performance from global peers. Sensex dropped below its psychological 17,100 mark as investors saw economic reforms suffering after state polls dealt a political blow to the ruling Congress party. Later market recovered and trading in Green.

Ø Index heavyweight Reliance Industries (RIL) edged lower in early trade. All the indices on the BSE barring consumer durables, software, healthcare and technology were trading in the red.

Ø The rupee continued to weaken for the fifth consecutive session on Wednesday, sliding to a seven-week low, due to incessant dollar demand from oil refiners and gold importers. The rupee was at 50.64/65 to the dollar.

Ø For Nifty Mar Futs, Intra-day resistance can be seen at 5285-90 while on the downside it can slide up to 5190.

* INDICES: Sensex -10 at 17163 (-0.06%), NIFTY -1 at 5221 (-0.02%), CNXMIDCAP -10 at 7458 (-0.14%)

* SECTORAL PERFORMANCE: BANKEX 0.14%, AUTO 0.26%, CAPITAL GOODS -0.09%, HEALTHCARE 0.31%, Metal -1.02%, OIL & GAS -0.93%, IT 0.38%, FMCG 0.12%, PSU -0.54%, REALTY 0.84%, Consumer Durables 0.4%, POWER -0.49%

* MARKET BREADTH: 248 Advances, 242 Declines (BSE 500)

* TODAY'S GAINERS: BJAUT 2.47%, WPRO 1.94%, HCLT 1.47%, RELI 1.32%, RPWR 1.31%

* TODAY'S LOSERS: JSP -3.1%, PWGR -2.43%, BPCL -2.27%, ONGC -1.27%, GRASIM -1.23%