Market Commentary:
Ø Asian stocks snapped the longest losing streak in eight months, U.S. equity-index futures gained and copper rose for a second day as Citigroup Inc. recommended buying industrial shares. The Australian dollar strengthened on data showing faster-than-estimated job growth in the country.
Ø Back home, benchmark indices gained momentum after a positive start led by gains in banks, metals, and capital goods space. Market trimmed gains after release of surprisingly lower IIP number. The Index of Industrial Productivity (IIP) grew at lower than expected levels of 4.1% in the month of February. Growth in factory output growth, for January was also revised down to 1.1% from 6.8%.
Ø New Listings:
v National Buildings Construction Corporation (NBCC) was down by over 6%
v MT Educare surged over 12 percent and locked at its upper circuit limit.
Ø Stocks in Focus:
v Aviation stocks like Spicejet, Air India and Kingfisher Airlines have gained between 1-4 percent as Cabinet committee on economic affairs is likely to clear a proposal to allow FDI.
Ø The rupee rose in opening trades as risk taking improved after concerns eased about a funding crunch in the troubled euro zone economies. It was at 51.38 to the dollar.
Ø We expect volatility to persist during rest of the day without any clear direction. Nifty Apr Futs may find resitance at 5315-20. On the downside it can slide upto 5250-60 level.
Ø INDICES: Sensex +177 at 17376 (1.03%), NIFTY +57 at 5284 (1.1%), CNXMIDCAP +87 at 7681 (1.15%)
Ø SECTORAL PERFORMANCE: BANKEX 1.75%, AUTO 1.41%, CAPITAL GOODS 1.47%, HEALTHCARE -0.07%, Metal 1.33%, OIL & GAS 0.47%, IT 0.43%, FMCG 1.33%, PSU 0.94%, REALTY 0.69%, Consumer Durables 1.14%, POWER 1.15%
Ø MARKET BREADTH: 428 Advances, 69 Declines (BSE 500)
Ø TODAY'S GAINERS: AXSB 2.97%, HMCL 2.65%, HNDL 2.58%, MSIL 2.5%, IDFC 2.45%
Ø TODAY'S LOSERS: DRRD -1.98%, CAIR -1.92%, SUNP -1.26%, ONGC -0.44%, RBXY -0.32%
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