Market Commentary:
Ø Asian stocks fell as better-than- expected U.S. consumer confidence failed to encourage buying after the region’s benchmark equities index yesterday gained the most in two months. Japanese shares led losses after the expiration of a deadline for getting dividend payments.
Ø Back home, Key benchmark indices trimmed intraday losses to hit fresh intraday highs in mid-morning trade. Further buying was seen in index heavyweights Reliance Industries and Larsen & Toubro. State Bank of India dropped after the bank raised fixed deposit rates on select maturities by up to 1% amid tight liquidity situation.
Ø Stocks in Focus:
v FMCG stocks rose for the second day in a row, with cigarette maker ITC hitting a record high.
Ø The rupee fell on Wednesday, pressured by payments for oil importers and as traders squared off positions before the end of the financial year this week. The rupee was at 51.01 to the dollar, 0.5% weaker than Tuesday's close of 50.735/745.
Ø We expect today's trading range to extend towards the lower side in afternoon trade. From current level Mar Futs can slide to 5155-60 level while upside can be capped at 5240.
Ø INDICES: Sensex -73 at 17184 (-0.42%), NIFTY -28 at 5216 (-0.53%), CNXMIDCAP -42 at 7539 (-0.56%)
Ø SECTORAL PERFORMANCE: BANKEX -0.94%, AUTO -0.35%, CAPITAL GOODS 0.39%, HEALTHCARE 0.41%, Metal -0.74%, OIL & GAS -0.15%, IT -0.82%, FMCG 0.4%, PSU -0.47%, REALTY -1.26%, Consumer Durables -2.88%, POWER -0.21%
Ø MARKET BREADTH: 169 Advances, 317 Declines (BSE 500)
Ø TODAY'S GAINERS: DRRD 1.73%, GAIL 1.53%, TPWR 1.2%, LT 0.78%, TATA 0.65%
Ø TODAY'S LOSERS: JPA -3.45%, CAIR -2.42%, SESA -2.17%, HNDL -1.98%, STLT -1.74%
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