India Market Wrap

Ø INDICES: Sensex -238 at 17095 (-1.37%), NIFTY -69 at 5207 (-1.32%), CNXMIDCAP -72 at 7580 (-0.95%)

Ø SECTORAL PERFORMANCE: BANKEX -0.8%, AUTO 0.45%, CAPITAL GOODS -0.55%, HEALTHCARE 1.03%, Metal -0.38%, OIL & GAS 0.51%, IT -6.9%, FMCG 0.59%, PSU -0.25%, REALTY -0.93%, Consumer Durables -0.36%, POWER -0.25%

Ø MARKET BREADTH: 143 Advances, 352 Declines (BSE 500)

Ø VOLUMES: BSE $0.56bn (32.19%), NSE $2.58bn (24.41%), F&O $26.62bn (46.17%)

Ø TODAY'S GAINERS: DRRD 2.47%, KMB 2.47%, SUNP 2.2%, GRASIM 2.01%, Coal 1.73%

Ø TODAY'S LOSERS: INFO -12.66%, TCS -5.59%, WPRO -4.51%, HCLT -3.13%, AXSB -2.87%

MARKET COMMENTARY:

Indian benchmarks pared off gains to continue its weak trade below neutral line in the late afternoon session on back of selling in the frontline blue chip counters. The markets which resiliently weathered the disappointing start of the earnings season for fourth quarter post the discouraging earnings and guidance by index bellwether Infosys; flattened out completely in red. The key gauges could not capitalize the gains since sentiments in the local markets got influenced by the weak European market. Traders were seen piling up position in Health Care, Auto and FMCG sector while selling was witnessed in IT, TECH and Bankex sector. Besides, investors showed buying in rate sensitive counters amid hopes of an imminent interest rate cut and start of a monetary easing cycle by India’s central bank at its Monetary and Credit Policy meet on April 17, 2012. Infosys gave a FY13 guidance was also below market expectations. On the global front, Asian markets were trading in green while the European markets were trading in red on pessimistic note. On the home turf, the market breadth was in favor of declines. Oil also declined for the first time in three days, erasing a weekly gain, after China’s economy grew at the slowest pace in 11 quarters and Saudi Arabia’s oil minister said the producer is determined to see lower prices.

NEWS ON TODAYS MOVERS:

Ø Reliance Industries rose 1.1%, with the stock extending Thursday's 1.36% gains triggered by the company stating that the gas output is normal at its KG D6 block off the east coast after Wednesday's quake in Indonesia

Ø Mangalore Refinery and Petrochemicals tumbled 4.3% after the company said it has shut down its Phase II and Phase III units of refinery in Karnataka due to stoppage of water supply from Netravathi river.

Ø Infosys lost 12.7% after the company set a weak forecast in dollar terms for the current year ending 31 March 2013, as the uncertain global economic environment continued to weigh on the software services exporter.

Ø Tata Motors rose 1.1% after the company's American depository receipt, or ADR gained 2.45% to settle at $28.39 on the New York Stock Exchange on Thursday, 12 April 2012

Ø Maruti Suzuki India rose 0.8%, with the stock extending Thursday's 3.12% gains triggered by the company unveiling industry's first Life Utility Vehicle -- Ertiga.

Ø Max India lost 5.5% on profit booking after advancing 22.08% in the prior six trading sessions '

Ø Aviation firms gained by 1.8% on speculation the cabinet may reportedly take a decision on a proposal to allow foreign airlines to pick up stake in domestic carriers by next week.

Ø Hindalco gains with subsidiaries' plan of building first manufacturing plant in China

Ø GlaxoSmithKline firms up on vying for Micro Labs’s domestic biz

CORPORATE NEWS:

Ø Maruti to start work at Rohtak test track proj in Haryana

Ø Pvt firms, PSUs must hike public holding to 25% by Aug 2013: SEBI

Ø MRPL closes hydrocraker for 45 days

Ø Maruti to hire 500 workers at Manesar in this fiscal.

Ø Govt to pay 30% for National Highway projects

Ø Moody’s degrades GAIL, ONGC on Govts cash rating

Ø Govt to raise diesel price on approval of finance bill

Ø Company law board backs Unitech, refers Uninor dispute to arbitration

Ø IDFC allots infra bonds worth Rs179 cr

Ø Infosys to hire 35,000 people this fiscal

Ø Infosys Q4 net down 2.4% q-o-q at Rs 2,316 cr

Ø After difficult Q4, Infosys warns of challenging times ahead

ECONOMIC NEWS:

Ø Govt to allow foreign direct investment from Pakistan

Ø Jan IIP data revision totally baffling: Pranab

Ø India achieves $300 bn exports target for FY12

Ø Govt may allow fresh cotton exports after assessing prodn

Regards

Jatin Padharia
+912261544569
+919867336999