India Market Wrap

Ø INDICES: Sensex -111 at 17486 (-0.63%), NIFTY -36 at 5323 (-0.66%), CNXMIDCAP -13 at 7810 (-0.17%)

Ø SECTORAL PERFORMANCE: BANKEX -0.75%, AUTO -0.45%, CAPITAL GOODS -0.11%, HEALTHCARE -0.26%, Metal -1.02%, OIL & GAS -0.6%, IT -0.44%, FMCG -0.33%, PSU -0.08%, REALTY -1.35%, Consumer Durables 0.27%, POWER 0.42%

Ø MARKET BREADTH: 211 Advances, 281 Declines (BSE 500)

Ø VOLUMES: BSE $0.4bn (-6.04%), NSE $1.72bn (-17.53%), F&O $13.65bn (-4.77%)

Ø TODAY'S GAINERS: BHEL 3.6%, RBXY 2.66%, DRRD 1.15%, HNDL 0.91%, HCLT 0.72%

Ø TODAY'S LOSERS: JSP -3.25%, GAIL -3.2%, JPA -2.93%, RELI -2.08%, RCOM -2.07%

MARKET COMMENTARY:

Sentiments turned bearish in today’s trade and Indian benchmarks made a subdued start as market participants chose to take some profits off the table after the significant rise in last three sessions amid weak global cues. The US markets got a halt to their rally mood overnight after Federal Reserve downplayed the prospects for more quantitative easing while; all the Asian peers were exhibiting choppy trade at this point of time. Back home, funds and retail investors locked in gains recorded in the past few sessions amid a weakening trend overseas. The disappointing Government bond auction on Tuesday and its impact on yields is another cause for concern. Investors were cautious also after the latest data showed that growth in the services sector slipped to a five-month low in March 2012. Traders were seen piling up position in Power and IT sector while selling was witnessed in Realty, Metal and Bankex sector. Further, all eyes are set on IT bellwether Infosys March Q4, 2012 result which the company will announce it on April 13, 2012, further giving direction for the markets. The stock market will remain closed tomorrow April 05, 2012 on account of Mahavir Jayanti and again on Friday, April 06, 2012 on account of Good Friday. On the global front, Asian markets were trading in red while the European markets were too trading in red on pessimistic note. On the home turf, the market breadth was in favor of declines.

NEWS ON TODAYS MOVERS:

Ø L&T lost nearly 1.23%, with the stock sliding on profit taking after 3-day 6.05% gains triggered by the company's construction division securing new orders worth Rs 1875 crore across various business segments in March 2012

Ø Coal India fell close to 0.50% on reports the government has directed the company to sign 20-year fuel supply agreements with power producers within a week.

Ø IVRCL surged nearly 2.38%, with the stock extending two-day 4.67% gains triggered by the company's subsidiary, IVRCL Assets & Holdings, securing two highway projects aggregating Rs 3203 crore.

Ø Future Capital Holdings surged nearly 4.55% on report a private equity fund is in preliminary negotiations to acquire a controlling stake in the Kishore Biyani-controlled finance services company.

Ø Dena Bank lost nearly 1.23%, with the stock sliding on profit taking after 3-day 7.24% rally triggered by the state-run bank announcing allotment of equity shares to LIC on preferential allotment basis.

Ø Reliance Industries fell close to 0.76% on concerns that the company may report weak Q4 earnings due to falling refining margins and reduced output from its KG-D6 gas blocks.

Ø Power generation firms rose by 0.33%to 1% on reports the government has directed Coal India to sign 20-year fuel supply agreements with power producers within a week.

CORPORATE NEWS:

Ø CX Partners in talks to buy stake in Future Cap

Ø Educomp bags Rs209 crore ICT@Schools Project

Ø Federal Bank funds high interest rate on term deposits

Ø M&M 2-wheeler sales down at 12,750 units in March

Ø SAIL pays Rs425 cr interim dividend to govt

Ø Everonn Education founder sells 4.98% stake via open mkt

Ø Bajaj Hind seeks shareholders OK for power proj funds

Ø Bajaj Auto increased stake in KTM to 47%

Ø Cairn India makes 2nd oil discovery in KG block

ECONOMIC NEWS:

Ø Service tax hike worsens household Budget

Ø Govt directs CIL to ink supply pact with power proj

Ø Steel makers ups prices by up to Rs1,500/ton

Regards

Jatin Padharia
+912261544569
+919867336999