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Thursday, 26 April 2012

India Market Wrap


Ø  INDICES: Sensex -21 at 17131 (-0.12%), NIFTY -13 at 5189 (-0.25%), CNXMIDCAP -41 at 7389 (-0.55%)
Ø  SECTORAL PERFORMANCE: BANKEX -0.43%, AUTO -0.84%, CAPITAL GOODS -0.24%, HEALTHCARE -0.3%, Metal 0.05%, OIL & GAS -0.06%, IT 0.22%, FMCG 0.25%, PSU -0.57%, REALTY -0.89%, Consumer Durables -0.06%, POWER -1.46%
Ø  MARKET BREADTH: 198 Advances, 295 Declines (BSE 500)
Ø  VOLUMES: BSE $0.45bn (14.04%), NSE $2.33bn (16.92%), F&O $36.2bn (-4.34%)
Ø  TODAY'S GAINERS: KMB 3.13%, Coal 2.83%, ACC 2.02%, TCS 2.02%, JSP 1.65%
Ø  TODAY'S LOSERS: BPCL -3.68%, GAIL -3.6%, TPWR -3.49%, PNB -3.39%, HMCL -3.3%

MARKET COMMENTARY:
Stock markets in India showed a lackadaisical movements in the today’s session as investors lacked conviction to open fresh positions on the April series futures and options contract expiry day. The frontline equity indices traded in an extremely tight range hardly budged from the psychological 5,200 (Nifty) and 17,150 (Sensex) levels. The benchmarks exhibited sideways kind of movement since the start of trade & traded with a negative bias amid uncertain market conditions. Market participants chose to consolidate their positions around previous closing levels a day after rating agencies like S&P’s and Moody’s voiced their concerns over India’s economic outlook, citing problems like policy paralysis, slow progress on its fiscal situation, as well as deteriorating economic indicators. On the global front though, the overnight US markets rallied on the back of unexpectedly strong quarterly earnings announcement from Apple Inc and US Federal Reserve’s FOMC meeting outcome. Asian markets showcased mixed trends after Fed statement highlighted that the world’s largest economy is likely to expand at a slightly higher rate than forecasted in January while the Fed also remained entirely prepared to take further quantitative easing steps if the US economic recovery falters. The European markets too failed to give any direction to local markets as they opened on a mixed note ahead of a slew of quarterly earnings announcement from European majors like Deutsche Bank, Barclays and Bayer. Back home, investors were seen covering short positions in the badly beaten down IT and TECH counters which gained over half a percent each and supported the frontline gauges by capping their losses. However, the rate sensitive Automobile, Realty and Bankex pockets were among the prominent losers in the sectoral space which along with the PSU and Power counters capped the upside chances for domestic bourses. Moreover, the broader market breadth was in favor of declines.

NEWS ON TODAYS MOVERS:
Ø  Sterlite Industries (India) fell nearly 2.45% after consolidated net profit fell 33.66% to Rs 1276.89 crore on 6.65% growth in total income to Rs 11522.41 crore in Q4 March 2012 over Q4 March 2011.
Ø  Oberoi Realty rose 1.79% after consolidated net profit rose 5.1% to Rs 143.59 crore on 3.7% decline in net sales to Rs 252.98 crore in Q4 March 2012 over Q4 March 2011.
Ø  Bharat Electronics fell 1.44% after net profit fell 25.5% to Rs 333.84 crore on 3.3% decline in net sales to Rs 2232.11 crore in Q4 March 2012 over Q4 March 2011
Ø  JSW Steel declined 1.43% despite company saying its crude steel production rose 26% to 2.07 million tonnes in Q4 March 2012 over Q4 March 2011.
Ø  Indiabulls Real Estate rose 2.70% after consolidated net profit surged 159.8% to Rs 56.03 crore on 27.1% decline in net sales to Rs 440.99 crore in Q4 March 2012 over Q4 March 2011.
Ø  Yes Bank fell nearly 2.29% on reports that  Rabobank, the largest retail bank in the Netherlands, has sold a part of its holding in the bank through bulk deals on BSE today, 26 April 2012.
Ø  Multi Commodity Exchange of India fell 1.39% after the stock turned ex-dividend today, 26 April 2012, for an interim dividend of Rs 18 per share for the year ended 31 March 2012.

CORPORATE NEWS:
Ø  Adhunik Metaliks to sell arm Neepz V Forge ltd
Ø  Supreme Inds Q4 net profit up by 24.96%
Ø  Wipro consumer goods arm to invest in deodorant plant
Ø  M&M launches new range of UPS and inverter batteries
Ø  BEL Q4 net profit declines by 25%
Ø  GMR gets OK to hike charges at New Delhi airport
Ø  ICICI Bank stake in KFA slips to 2.9%
Ø  Nestle India Q1 net profit marginally up
Ø  Federal Bank cuts lending rate by 0.20%
Ø  Aurobindo gets USFDA's OK for olanzapine tablets
Ø  Mangalore refinery re-start of units of refinery  
Ø  Strides arcolab 1q net loss 281.6 mln rupees      
Ø  MRF 2q profit 1.5 bln rupees

ECONOMIC NEWS:
Ø  Govt to auction 54 coal blocks
Ø  Power Min to introduce short-term power purchase norms next month
Ø  Air India to suffer loss of Rs7,853 cr: Civil Aviation Minister
Ø  RBI hikes hsg loan limit for weaker section to Rs10 lakh

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