Market Commentary:
Ø Asian stocks rose, with the regional benchmark headed for its biggest gain this month, after the International Monetary Fund raised global economic forecasts and Spain sold more debt than targeted, boosting the earnings outlook for exporters.
Ø Backhome although benchmark indices have cooled a tad from intra-day’s high but continue to trade in fine contour on continued buying by funds and retail investors after RBI aggressive stance of slashing short-term lending rate by 50bps. Nifty stayed higher with more than 40 points gains led by support from banks, capital goods, oil & gas, auto and metals stocks.
Ø Stocks in Focus:
v HCL Tech shot up 5.21% post better than expected growth in net profit. Company reported a growth of 5.24% QoQ in its consolidated net profit of Rs 603 crore for the 3rd qtr of FY12.
Ø For Nifty Apr Futs, we expect it to find resistance at 5360-70 level, on down side it can slide up to 5305-10 level.
Ø INDICES: Sensex +119 at 17477 (0.69%), NIFTY +44 at 5333 (0.83%), CNXMIDCAP +93 at 7765 (1.22%)
Ø SECTORAL PERFORMANCE: BANKEX 0.86%, AUTO 1.34%, CAPITAL GOODS 1.02%, HEALTHCARE 1.13%, Metal 1.37%, OIL & GAS 1.23%, IT 0.52%, FMCG -0.31%, PSU 0.7%, REALTY 0.9%, Consumer Durables 1.91%, POWER 1.37%
Ø MARKET BREADTH: 399 Advances, 91 Declines (BSE 500)
Ø TODAY'S GAINERS: HCLT 5.89%, BJAUT 3.15%, ACEM 3.03%, HNDL 2.85%, SIEM 2.84%
Ø TODAY'S LOSERS: ITC -1.18%, Coal -0.59%, INFO -0.51%, HUVR -0.23%, RCOM -0.11%
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