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INDICES:
Sensex -277 at 17097 (-1.6%), NIFTY -90 at 5201 (-1.71%), CNXMIDCAP -117 at
7509 (-1.54%)
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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%
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MARKET
BREADTH: 65 Advances, 429 Declines (BSE 500)
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VOLUMES: BSE $0.38bn
(-9.34%), NSE $1.78bn (-7.03%), F&O $31.06bn (11.91%)
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TODAY'S
GAINERS: ACC 1.35%, SUNP 1.16%, RIL 0.75%, NTPC 0.42%, ONGC 0.32%
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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:
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Vodafone agrees to buy C&W for £1.04 bn
Ø
Infotech Ent to expand through Acquisitions
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UltraTech Cement to buy Mozambique mine
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Nestle may buy Pfizer Nutrition for $11.9 bn
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SCI to hike freight rates
Ø
Suzlon gets orders from Europe for 276 MW of
turbines
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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
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Suzuki to build motorcycle plant in india's
rohtak
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Suzuki india motorcycle plant to have 500,000
unit capacity
Ø
Wells fargo may apply for india banking
license, mutus says
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Sibal: govt likes to see proposed bills
implemented before 2014
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Noida toll bridge 4q net 147 mln rupees vs
108.3 mln
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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
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India to seek pension funds, insurance,
banking bill approvals
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India sets 120 bln-160 bln rupees for 4.4 mhz
spectrum: butv
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SEBI nods CSE for NSE F&O
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FM positive on India's growth
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