Market Commentary:
Ø Asian stocks fell the most in a week, the euro dropped and commodities slid after the Bank of Korea cut its growth estimate and as Spain prepared to auction bonds. The yuan weakened as China doubled the currency’s trading band against the dollar.
Ø Back home also key benchmark indices once again turned negative in mid-morning trade after striking day's high in positive zone. However, buying interest in banks, capital goods, auto and realty has limited the downside. The market breadth was positive. Index heavyweight Reliance Industries (RIL) edged lower, snapping two-day gains.
Ø The March WPI inflation rose slightly higher-than-expected at 6.89% compared to a expectation of 6.7%.
Ø Stocks in Focus:
v Aviation stocks were trading higher as Aviation Minister Ajit Singh said the FDI in the sector may be considered this week. Jet Airways and SpiceJet gained 1-2% while Kingfisher was flat.
Ø The rupee fell to its weakest in three months on Monday, leading traders to brace for possible intervention from the central bank. The rupee was at 51.6650 to the dollar.
Ø Nifty Apr Futs may remain range bound with slight positive bias in rest of the day. A break above 5235-40 may take it to 5275-80 levels.
Ø INDICES: Sensex -1 at 17094 (0%), NIFTY +1 at 5208 (0.01%), CNXMIDCAP +22 at 7602 (0.29%)
Ø SECTORAL PERFORMANCE: BANKEX 0.74%, AUTO 0.36%, CAPITAL GOODS 0.59%, HEALTHCARE 0.45%, Metal 0.11%, OIL & GAS -0.52%, IT -0.49%, FMCG 0.72%, PSU 0.29%, REALTY 1.14%, Consumer Durables 0.88%, POWER 0.17%
Ø MARKET BREADTH: 351 Advances, 146 Declines (BSE 500)
Ø TODAY'S GAINERS: JPA 2.13%, MSIL 1.96%, SBIN 1.75%, AXSB 1.61%, RCOM 1.48%
Ø TODAY'S LOSERS: ACEM -2.45%, ACC -1.87%, BHARTI -1.55%, IDFC -1.43%, HNDL -1.36%
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