india Market Wrap

Ø INDICES: Sensex +22 at 17244 (0.13%), NIFTY +9 at 5244 (0.18%), CNXMIDCAP -31 at 7641 (-0.4%)

Ø SECTORAL PERFORMANCE: BANKEX 0.48%, AUTO 0.85%, CAPITAL GOODS -0.95%, HEALTHCARE -0.05%, Metal -0.9%, OIL & GAS -0.63%, IT -0.72%, FMCG 1.99%, PSU -0.58%, REALTY 0.18%, Consumer Durables 0.15%, POWER -0.13%

Ø MARKET BREADTH: 227 Advances, 265 Declines (BSE 500)

Ø VOLUMES: BSE $0.44bn (23.72%), NSE $2.04bn (36.22%), F&O $16.05bn (4.86%)

Ø TODAY'S GAINERS: TPWR 4.24%, RCOM 3.19%, TTMT 2.96%, HUVR 2.58%, KMB 2.44%

Ø TODAY'S LOSERS: RBXY -2.59%, BHEL -2.29%, GAIL -2.08%, DRRD -2.06%, BPCL -1.91%

MARKET COMMENTARY:

It was a bad start to the day for to the Indian markets. After suffering heavy losses in the previous trading session, the Indian stocks ended almost unchanged at the end of a volatile session. Trading was fairly choppy throughout the day with the main stock indices swinging back and forth in a trading range. The undertone remains fragile and uncertain as most market players are reluctant to take risks at the moment. Though indices late flourish breathed some life into the main indices after crude continued to slide below 125$ mark. Sentiments also got undermined after the somber European market opening where major equity indices coming from an extended weekend traded with large cuts of over a percent. The Asian markets too exhibited mixed trends as on one hand Chinese markets climbed after reporting an unexpected trade surplus for March while the Japanese bourses dipped into the red after Bank of Japan kept monetary policy steady, holding fire until a more thorough assessment of the economy at another rate review on April 27. Investors were seen squaring off hefty positions from the IT counter while Metal pocket too bore the brunt of hefty selling pressure. On the other hand only the defensive Healthcare and FMCG sectors kept their head above the water.

NEWS ON TODAYS MOVERS:

Ø Essar Oil lost nearly 1.84%, with the stock extending Monday's 4.31% fall triggered by the Supreme Court of India disallowing the company's review petition in relation to deferred sales tax.

Ø Five gas utility stocks lost 3.61% in volatile trade after Petroleum and Natural Gas Regulatory Board asked Indraprastha Gas to cut gas tariffs in Delhi.

Ø United Spirits fell close to 1.22% on profit booking after the stock gained 32.75% in the preceding nine sessions to Rs 722.50 on 9 April 2012, from a recent low of Rs 544.25 on 23 March 2012.

Ø iGATE Patni rose close to 2.23% after the promoter iGATE Corporation said it accepted the discovered price of Rs 520 per share to de-list the Indian company from the domestic stock exchanges.

Ø Reliance Communications surged by 3.19% after the company said it is planning to list its subsea telecommunications infrastructure network business on the Singapore stock exchange.

Ø FMCG companies rose by 0.3% to 3.5% on reports that India's pre-monsoon showers are normal this year, indicating that the monsoon season, which is crucial to farm output, will arrive on time.

Ø Tata Steel fell close to 1.51% after the company reported muted sales from its Indian operations in Q4 March 2012 over Q4 March 2011.

Ø Cairn India surged 2.24% to after the company said gross oil production from its operating units rose 13.06% to 1.67 lakh barrels of oil per day in Q4 March 2012 over Q4 March 2011.

Ø IGL got severely bludgeoned by more than 30% on the back of reports that the Petroleum and Natural Gas Regulatory Board (PNGRB) has fixed the new tariff and compression charges for the company.

CORPORATE NEWS:

Ø Subex renews contract with British Telecom

Ø Cairn India gets nod for raising output in Rajasthan block

Ø Patni to be delisted by iGATE @ Rs520 per share

Ø Tech Mahindra and Satyam to hire new staf

Ø Rcom unit gets 'in principle' nod from Singapore stock exchange

Ø Alstom bags order from Jyoti Structures worth Rs74 cr

Ø CIL likely to sign fuel supply pact with 50 power cos

Ø SC declines appeal on fixing price of petroleum products

Ø CBI examines 3 senior BEML officials

Ø Airtel to be 1st operator to launch 4G in India

Ø Dhanlaxmi Bank to cut off costs on sell-off fiction

Ø Loop Telecom to shut down its operations

Ø KFA is making regular cash and carry payments to GMR's airports

Ø McNally Bharat bags order from Bhushan Steel

ECONOMIC NEWS:

Ø Govt ask E-returns for citizens with income over Rs10 lk

Ø Car sales rise 20% in March, while bikes 1%

Ø RBI seen cutting repo rate for first time in 3 yrs: poll

Ø Feb industrial output may have slowed slightly: poll