Mid Market Wrap

Market Commentary:

Ø The Indian benchmarks have made a firm start led by some bottom fishing after two sessions’ of downfall. However, global cues remained choppy as the US markets made a mixed closing on Thursday as the news from the economy front too remained mixed while, Asian counters exhibiting mixed trend at this point of time.

Ø Back home, sustained buying in mostly all the key heavyweights along with broader indices supported to trade comfortably over their crucial 17,200 and 5,200 mark respectively.

Ø On the sectoral front, banking, realty and oil and gas remained the top gainers while there was no loser on the index. The sentiments got a boost after the Reserve Bank said it will buy up to Rs 10,000 crore of bonds through open market operations today.

Ø Meanwhile, the sharp jump in core sector also added to optimism. The eight core infrastructure industries that account for nearly 40% in the IIP grew at 6.8% in February against 0.5% last month.

Ø The broader indices were going neck to neck with benchmarks while, the market breadth was positive.

Ø On currency front The rupee appreciated by 23 paise to 51.17 against the US dollar in early trade today on the Interbank Foreign Exchange market as the American currency fell against the euro and other currencies overseas.

Ø Nifty is likely to face resistance at 5340-5350 while on the downside 5170-5200 remains to be strong support for the market

Ø INDICES: Sensex +222 at 17280 (1.3%), NIFTY +74 at 5253 (1.42%), CNXMIDCAP +101 at 7619 (1.35%)

Ø SECTORAL PERFORMANCE: BANKEX 1.79%, AUTO 1.01%, CAPITAL GOODS 1.51%, HEALTHCARE 0.82%, Metal 2.11%, OIL & GAS 1.51%, IT 1.12%, FMCG 0.39%, PSU 1.78%, REALTY 2.33%, Consumer Durables 1.46%, POWER 1.47%

Ø MARKET BREADTH: 432 Advances, 66 Declines (BSE 500)

Ø TODAY'S GAINERS: IDFC 4.38%, HNDL 3.77%, JPA 3.49%, SESA 3.18%, TPWR 3.03%

Ø TODAY'S LOSERS: WPRO -0.72%, SUNP -0.43%, CAIR -0.37%, HUVR 0%, JSP 0.04%