Market Commentary:
Ø Asian stocks rose to a one-week high and South Korea’s won gained after a rocket launched by North Korea broke up and fell into the sea. Commodities fell as China’s economy grew less than economists forecast.
Ø Back home also brushing aside Infosys’ FY13 gloomy guidance, key benchmark indices strengthened to hit fresh intraday highs in mid-morning trade as firm Asian stocks underpinned sentiment. The NSE Nifty touched the one week high, hitting the 5300 level.
Ø Stocks in Focus:
o Infosys crashed 9% post the company declared lower than expected guidance for the first quarter and financial year 2012-13 while it managed to meet expectations for Q4 results. Other IT pivotals also declined.
Ø The rupee moved up by 18 paise to trade at 51.40 against the dollar in early trade today on increased foreign fund inflows.
Ø We expect Nifty Apr Futs to remain in positive territory during rest of the buy because of sustained buying seen in Index heavyweight names. Nifty Apr Futs can face resistance at 5350-60 level.
Ø INDICES: Sensex +49 at 17381 (0.28%), NIFTY +22 at 5299 (0.42%), CNXMIDCAP +65 at 7717 (0.85%)
Ø SECTORAL PERFORMANCE: BANKEX 1.7%, AUTO 2.2%, CAPITAL GOODS 1.79%, HEALTHCARE 1.69%, Metal 1.53%, OIL & GAS 1.61%, IT -4.57%, FMCG 0.97%, PSU 1.26%, REALTY 1.56%, Consumer Durables 0.95%, POWER 1.45%
Ø MARKET BREADTH: 398 Advances, 96 Declines (BSE 500)
Ø TODAY'S GAINERS: RELI 3.25%, HMCL 2.99%, BJAUT 2.76%, MSIL 2.71%, LT 2.64%
Ø TODAY'S LOSERS: INFO -9.08%, TCS -4.48%, WPRO -3.48%, HCLT -2.2%, JSP -0.29%
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