India Market Wrap

Ø INDICES: Sensex +74 at 17478 (0.42%), NIFTY +22 at 5318 (0.42%), CNXMIDCAP +56 at 7767 (0.72%)

Ø SECTORAL PERFORMANCE: BANKEX 1.02%, AUTO -0.06%, CAPITAL GOODS 1.74%, HEALTHCARE -0.13%, Metal -0.27%, OIL & GAS -0.28%, IT 0.72%, FMCG 0.2%, PSU 0.93%, REALTY 1.59%, Consumer Durables 3.89%, POWER 1.89%

Ø MARKET BREADTH: 366 Advances, 131 Declines (BSE 500)

Ø VOLUMES: BSE $0.39bn (-42.15%), NSE $1.82bn (-22.19%), F&O $15.52bn (-68.11%)

Ø TODAY'S GAINERS: RELI 4.43%, RPWR 4.4%, JPA 3.73%, HCLT 3.72%, DLFU 3.1%

Ø TODAY'S LOSERS: RBXY -2.23%, BPCL -1.84%, HNDL -1.62%, DRRD -1.5%, STLT -1.44%

MARKET COMMENTARY:

After opening with a negative bias, markets turned choppy and gyrated between gains and losses. The brief relief that was witnessed in the Indian markets in late morning trade proved to be short-lived. The key stock indices could not hold on to those gains and slipped back into the negative terrain in the afternoon before recovering slightly in late trade. The key stock indices managed to end with slim gains. Investors at large have now shifted their focus towards the RBI's quarterly monetary policy review meet scheduled in April, hoping that the central bank would employ some liquidity easing measures to stimulate economic growth. Traders were seen piling up position in Consumer Durables, Power and Realty sector while selling was witnessed in Health Care sector. Meanwhile, investors shrugged the manufacturing PMI numbers for March which showed the expansion of India's factory sector slowed for the third month as growth in new orders eased and costs for raw materials kept rising. In the scrip specific development, shares of power sector lenders like Power Finance Corporation and Rural Electrification Corporation were trading firm in green on reports that Tamil Nadu Electricity Board (TNEB) announced a 37% hike in the power tariff, covering both domestic and industry sectors, a move that will fetch an additional Rs 7,874 crore and bail out the state electricity board which is in the red. On the global front, Asian markets were trading in green barring Hang Seng and Taiwan Weighted while the European markets were trading on a mix note. On the home turf, the market breadth on was in favor of advances.

NEWS ON TODAYS MOVERS:

Ø BPCL lost nearly 1.84%, with the stock sliding on profit taking after four-day 5.18% gains after the company said its board has approved the integrated refinery expansion project at Kochi refinery.

Ø Aviation firms fell by 0.21% after public sector oil marketing companies hiked jet fuel price by about 3%.

Ø Bank of Baroda nearly traded flat to after the state-run bank said it has allotted 1.95 crore equity shares at Rs 840.10 per share, aggregating to Rs 1644.68 crore to LIC on preferential allotment basis.

Ø Ranbaxy Laboratories lost nearly 2.23%, with the stock sliding on profit taking after 4-day 14.22% rally after the company said its Canadian unit has received approval from Health Canada to market RAN-Rosuvastatin tablets.

Ø Coal India fell nearly 0.79% on reports The Children's Investment Fund has appointed a law firm to fight its case against the state-run firm and its directors for alleged breach of corporate governance practices.

Ø Bank of Maharashtra lost close to 1.92%, with the stock sliding on profit taking after two-day 10.87% rally after the state-run bank said its board has allotted equity shares to Government of India and LIC on preferential basis

Ø Zee Entertainment Enterprises rose nearly 2.96% after the company said its board will meet on 4 April 2012 to consider another round of share buyback.

Ø Central Bank of India rose 1.29% after the state-run said its board has approved allotment of a total of 8.95 crore equity shares at Rs 105.61 per share to Government of India and LIC on preferential allotment basis.

Ø IVRCL rose 5.22% after the company said its subsidiary, IVRCL Assets & Holdings, has secured two highway projects aggregating Rs 3203 crore.

CORPORATE NEWS:

Ø Eicher Motors hits 52-week high on strong March sales

Ø UK shareholder file petition against Coal India

Ø Kingfisher to resume payment of staff salaries

Ø Zee Group close to buying out Dainik Bhaskar

Ø Maruti Suzuki March sales at 1.25 lakhs: Highest ever in its history

Ø Air India’s financial restructuring plan gets banks nod

Ø Titan Inds gets govt nod to import gold directly

Ø J&K surpasses Rs85K cr; sets Rs1 lakh cr biz target

Ø Bajaj Auto drops as lanka raises import duty

Ø Godrej Properties sell 49% stake ASK Property

Ø M&M March sales up 25%

Ø Reliance Power eyeing 300 MW solar capacity

Ø Patni delisting gets maximum bids at Rs520

Ø YES Bank raises Rs380 cr from International Finance Corp

Ø Ranbaxy gets Health Canada OK for RAN-Rosuvastatin tablets

Ø ACC cement sales up 7.3% to 2.34 mn tonnes in March

ECONOMIC NEWS:

Ø Oil cos may lose Rs2 lakh cr in fuel sales

Ø Aviation sector contributes Rs33,000 cr of GDP

Ø Govt allows Titan to import gold from overseas mkt

Ø February imports up 20.7% to $39.8 bln