Market Commentary:
Ø Asian shares fell and South Korea’s won dropped before Spain and France sell 13.5 billion euros ($17.6 billion) in debt. The yen weakened for a third day as Bank of Japan Governor Masaaki Shirakawa pledged to continue monetary easing.
Ø Back home, the benchmark index Nifty was trading marginally higher in trade on selective buying in auto and pharma stocks after a quiet start. Bourses for second trading session are showing signs of fatigue as consolidation seem to be game changer for indices at Dalal Street post initial two session’s of run up rally. Nifty was hovering around 5300 levels.
Ø Stocks in Focus:
v Rate sensitive auto stocks mainly Tata Motors & Maruti were in top gear and continued to gain further.
Ø The rupee depreciated by 12 paise to Rs 51.90 against dollar today, weighed down by dollar's gains against other currencies overseas.
Ø After being listless for around one and half trading session, we expect Nifty Apr Futs to slide down towards 5270-80 levels in after noon trades. On the upside it can face resistance at 5340-45 level.
Ø INDICES: Sensex +25 at 17417 (0.14%), NIFTY +9 at 5309 (0.17%), CNXMIDCAP -10 at 7690 (-0.13%)
Ø SECTORAL PERFORMANCE: BANKEX -0.05%, AUTO 1.22%, CAPITAL GOODS -1.08%, HEALTHCARE 0.93%, Metal 0.08%, OIL & GAS -0.28%, IT 0.41%, FMCG -0.36%, PSU -0.13%, REALTY -0.67%, Consumer Durables 0%, POWER -0.63%
Ø MARKET BREADTH: 242 Advances, 241 Declines (BSE 500)
Ø TODAY'S GAINERS: RBXY 2.36%, MSIL 2.27%, TTMT 2.08%, Coal 1.85%, HDFCB 1.84%
Ø TODAY'S LOSERS: BHEL -2.99%, RELI -2.23%, HNDL -1.99%, JPA -1.64%, RCOM -1.21%
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