Market Commentary:
Ø Asian stocks fell for a second day and the Australian dollar weakened after foreign direct investment in China dropped for a fifth month as the economy slowed. The euro declined before Spain’s debt auction.
Ø Back home also, key benchmark indices slipped to fresh intraday lows in morning trade only to regain positive zone thereafter. Market extended these gains in a sharp move after RBI policy announcement but cooled off later.
Ø Nifty was trading comfortably above 5250 level.
Ø The Reserve Bank of India (RBI) in its annual monetary policy for 2012-13 on Tuesday slashed the policy rates by 50 basis points. The repo rate is now at 8% from 8.50% earlier. The cash reserve ratio (CRR) was left unchanged at 4.75%.
Ø Stocks in Focus:
o Coal India rises 2.5% after saying will sign supply accords this week.
Ø The rupee rose in opening deals on Tuesday comforted by gains in the euro. The rupee was at 51.61/62 to the dollar.
Ø We expect Nifty Apr Futs to rise again to the today's high levels (that is 5310-15). On the upside it can face resistance at 5330 while support can be seen at 5250-60 level.
Ø INDICES: Sensex +105 at 17255 (0.61%), NIFTY +31 at 5257 (0.6%), CNXMIDCAP +22 at 7626 (0.29%)
Ø SECTORAL PERFORMANCE: BANKEX 0.48%, AUTO 0.38%, CAPITAL GOODS 0.36%, HEALTHCARE 0.38%, Metal 0.9%, OIL & GAS 0.37%, IT 0.41%, FMCG 0.56%, PSU 1.17%, REALTY 1.65%, Consumer Durables -1.17%, POWER 0.65%
Ø MARKET BREADTH: 309 Advances, 175 Declines (BSE 500)
Ø TODAY'S GAINERS: ONGC 2.78%, Coal 2.64%, DLFU 2.21%, SUNP 1.87%, RELI 1.73%
Ø TODAY'S LOSERS: CAIR -1.58%, SIEM -1.06%, ACC -0.44%, RIL -0.43%, KMB -0.37%
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