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Monday, 23 April 2012

India Market Wrap


Ø  INDICES: Sensex -277 at 17097 (-1.6%), NIFTY -90 at 5201 (-1.71%), CNXMIDCAP -117 at 7509 (-1.54%)
Ø  SECTORAL PERFORMANCE: BANKEX -2.08%, AUTO -1.65%, CAPITAL GOODS -2.85%, HEALTHCARE -0.45%, Metal -2.86%, OIL & GAS -0.08%, IT -3.02%, FMCG -1.05%, PSU -1.52%, REALTY -3.17%, Consumer Durables -1.02%, POWER -2.63%
Ø  MARKET BREADTH: 65 Advances, 429 Declines (BSE 500)
Ø  VOLUMES: BSE $0.38bn (-9.34%), NSE $1.78bn (-7.03%), F&O $31.06bn (11.91%)
Ø  TODAY'S GAINERS: ACC 1.35%, SUNP 1.16%, RIL 0.75%, NTPC 0.42%, ONGC 0.32%
Ø  TODAY'S LOSERS: RCOM -5.45%, RPWR -5.34%, HNDL -4.96%, RELI -4.73%, SESA -4.45%

MARKET COMMENTARY:
The Indian benchmarks weakened ahead of the F&O expiry on Thursday, as market players remained wary of near-term prospects amid a spate of headwinds. The undercurrent continues to be jittery over the impact of the proposed GAAR tax regulations on FII investments through Mauritius and via Participatory Notes (PNs). Barring a brief period in the morning session, the indices were under pressure almost throughout the session. On currency front  the rupee also rose in afternoon trading driven by a pickup in purchases by domestic oil importers. The rupee is likely to remain weak in the near-term as factors like low capital inflows and high current account deficit are expected to take their toll, industry experts feel.  As usual, the selling accelerated in the afternoon, with the benchmarks hitting new lows by the close of trade. Traders were seen selling in Realty, TECH and IT sector.  The main indices remained in the negative zone throughout the day hitting fresh intraday low in afternoon trade on weak global cues. European market edged lower in early trade, while Asian stocks and US index futures declined further. The market may remain volatile this week as traders roll over positions from the near-month April 2012 series to next-month May 2012 series. The April 2012 derivatives contracts expire on Thursday, April 26, 2012. On the home turf the market breadth was negative.

NEWS ON TODAYS MOVERS:
Ø  IDBI Bank declined nearly 1.08% despite its net profit jumped 49.3% to Rs 770.78 crore on 20.3% growth in total income to Rs 6856.42 crore in Q4 March 2012 over Q4 March 2011.
Ø  Reliance Industries rose nearly 0.75% in weak markets even after net profit declined 21.21% to Rs 4236 crore on 16.7% rise in turnover to Rs 87833 crore in Q4 March 2012 over Q4 March 2011. Company also commented huge cash pile of over Rs 70,000 crore becoming a debt free company.
Ø  DLF slumped nearly 4.19% after the Bombay Stock Exchange said that Pharma major Dr Reddy's Laboratories will replace DLF in the benchmark 30-share Sensex with effect from 11 June 2012.
Ø  Cairn India declined nearly 1.84% despite company’s consolidated net profit rose 25.31% to Rs 7937.74 crore on 15.40% rise in revenues to Rs 11860.65 crore in the year ended March 2012 over the year ended March 2011. .
Ø  Max India surged nearly  2.14% on report the company is looking to divest its polypropylene business for an enterprise value of about Rs 800 crore as part of plans to exit its non-core business.
Ø  ACC rose nearly 1.35%, with the stock recovering on bargain hunting after 2-day 5.51% slide triggered by the company reporting weak Q1 March 2012 earnings.
Ø  Infosys declined nearly 4.01% on reports that the company is under scrutiny from the US Department of Homeland Security for likely errors in employer eligibility documents of its staff working in the United States.

CORPORATE NEWS:
Ø  Vodafone agrees to buy C&W for £1.04 bn
Ø  Infotech Ent to expand through Acquisitions
Ø  UltraTech Cement to buy Mozambique mine
Ø  Nestle may buy Pfizer Nutrition for $11.9 bn
Ø  SCI to hike freight rates
Ø  Suzlon gets orders from Europe for 276 MW of turbines
Ø  Ntpc starts unit-ii of 500 mw of jhajjar power station :ntpc in
Ø  Hdfc bank, wells fargo introduce us-india remittance service
Ø  Crisil: union bank of india ratings reaffirmed
Ø  Suzuki to build motorcycle plant in india's rohtak
Ø  Suzuki india motorcycle plant to have 500,000 unit capacity
Ø  Wells fargo may apply for india banking license, mutus says
Ø  Sibal: govt likes to see proposed bills implemented before 2014
Ø  Noida toll bridge 4q net 147 mln rupees vs 108.3 mln
Ø  Emco commissions 5 mw gujarat photovoltaic solar power plant

ECONOMIC NEWS:
Ø  Turkey may withdraw duty on imports of Indian cotton yarn
Ø  India sugar output may be 26 mln tons or more, marex says
Ø  India to seek pension funds, insurance, banking bill approvals
Ø  India sets 120 bln-160 bln rupees for 4.4 mhz spectrum: butv
Ø  SEBI nods CSE for NSE F&O
Ø  FM positive on India's growth

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