India Market Wrap

Ø  INDICES: Sensex +131 at 17319 (0.77%), NIFTY +39 at 5248 (0.75%), CNXMIDCAP +55 at 7471 (0.75%)

Ø  SECTORAL PERFORMANCE: BANKEX 0.59%, AUTO 0.67%, CAPITAL GOODS 0.12%, HEALTHCARE 0.26%, Metal 0.9%, OIL & GAS 1.05%, IT 1.93%, FMCG -0.27%, PSU 0.79%, REALTY 1.05%, Consumer Durables -0.67%, POWER 0.82%

Ø  MARKET BREADTH: 327 Advances, 169 Declines (BSE 500)

Ø  VOLUMES: BSE $0.32bn (-15.73%), NSE $1.68bn (872.62%), F&O $12.58bn (-22.41%)

Ø  TODAY'S GAINERS: RPWR 6.36%, TCS 3.72%, JSP 3.61%, INFO 2.77%, ACC 2.67%

Ø  TODAY'S LOSERS: BHEL -2.08%, MSIL -1.85%, DRRD -1.31%, AXSB -1.29%, SAIL -0.84%

MARKET COMMENTARY:

Indian benchmarks despite trimming their gains continued to trade in green above neutral line in the late afternoon session as investors started booking profits in the frontline blue chip counters. Traders were seen piling up position in IT, and Realty while selling was being witnessed in Health Care, Capital Goods and Consumer Durables sector. The credit rating firm Moody's has reportedly reviewed three Indian banks ICICI Bank, Axis Bank and HDFC Bank for a potential downgrades though the debt and deposits ratings for all 3 banks remain unchanged. Also, most sugar stocks including Bajaj Hindustan along with shares of textile companies like Arvind, Alok Industries etc traded with notable gains ahead of a meeting called upon by Indian Prime Minister Manmohan Singh to deliberate on the objections raised by Agriculture Minister Sharad Pawar over the export of farm commodities such as sugar and cotton. The stock market will remain closed tomorrow, i.e. on May 01, 2012, on account of Maharashtra Day. On the global front, all the Asian markets were trading on a mixed note, while the European markets too were trading mixed. The subdued European market weighed on domestic sentiments after reports showed Spain’s economic growth declined 0.3% in the first quarter however, the number was better than expectations of 0.4% decline. On the home turf, the market breadth was positive.

NEWS ON TODAYS MOVERS:

Ø  Orchid Chemicals & Pharmaceuticals rose 1.04%, after the company said it has received approval from the US Food and Drug Administration for Olanzapine tablets in multiple strengths.

Ø  Maruti Suzuki India fell 1.83% after net profit declined 3% to Rs 639.84 crore on 17.1% rise in net sales to Rs 11524.52 crore in Q4 March 2012 over Q4 March 2011.

Ø  Bharat Heavy Electricals lost 2.07% after the Rajasthan Government reportedly scrapped tenders worth Rs 12000 crore that were bagged by the company without specifying any particular reason.

Ø  ICICI Bank rose 1.57%, with the stock extending 2-day 3.24% gains triggered by the bank announcing strong Q4 earnings.

Ø  Bank of India jumped 4.82% after net profit surged 93% to Rs 952.73 crore on 23.1% growth in total income to Rs 8777.73 crore in Q4 March 2012 over Q4 March 2011.

Ø  Oriental Bank of Commerce tumbled 4.42% after net profit fell 20.6% to Rs 264.90 crore on 29.22% growth in total income to Rs 4564.53 crore in Q4 March 2012 over Q4 March 2011.

Ø  Dabur India rose 1.04% after consolidated net profit rose 16% to Rs 170.52 crore on 23% growth in net sales to Rs 1363.58 crore in Q4 March 2012 over Q4 March 2011.

CORPORATE NEWS:

Ø  Oriental bank of commerce base rate reduction effective may 14

Ø  Coal India’s stagnant output growth unacceptable: chatterji

Ø  Telenor to write down nok 3.9 billion of indian assets  :tel no

Ø  Tata consultancy banking platform wins letshego holdings order

Ø  Alstom t&d india wins contract worth 840m rupees

Ø  Bank of india to pay 7 rupees-shr dividend       

Ø  Bank of india 4q net 9.53 bln rupees vs 4.94 bln

Ø  Oriental bank to pay 7.9 rupees-shr dividend

Ø  United phosphorus 4q net 2.02 bln rupees vs 1.12 bln   :untp in

Ø  Godrej consumer 4q net 1.93 bln rupees; analyst est. 1.71 bln

Ø  oriental bank of commerce 4q profit 2.65 bln rupees vs 3.34b

Ø  united phosphorus to pay final dividend of 0.50 rupee-shr

Ø  moody's reviews icici bank, hdfc bank, axis bank for downgrade

Ø  Exide industries 4q net 1.43 bln rupees; analyst est. 1.36 bln

Ø  Jindal steel not planning power unit ipo now, chairman says

ECONOMIC NEWS:

Ø  India coal ministry additional secretary chatterji speaks