Mid Market Wrap

Market Commentary:

Ø  Asian stocks fell for a fourth day and the yen strengthened against all its major counterparts amid a European backlash against budget cuts. The Australian dollar weakened and the nation’s 10-year bond yields touched a record low after inflation in the country unexpectedly slowed.

Ø  Backhome, Volatility continued in morning trade as key benchmark indices alternately moved between positive and negative terrain. Nifty gained somewhat strength amid choppy trade due to further upside in TCS, and a bit of recovery Reliance Industries and Infosys. Nifty after finding support at 5180 level, was trading above 5200.

Ø  Stocks in Focus:

v  Telecom stocks: Bharti Airtel, Idea Cellular, Tata Comm, Reliance Comm dropped as TRAI proposed a sharply-higher-than expected base price for an auction of 2G radio spectrum.

v  TCS: jumped nearly 10% after good Q4 results and positive FY 2013 outlook.

Ø  The rupee today lost 29 paise to 52.79 against the US dollar, due to increased demand for the American currency from importers.

Ø  We expect Nifty Apr Futs to face strong resistance at 5245-50 level where as another weak opening in EU markets can make it to slide upto 5150-60 level.

Ø  INDICES: Sensex +70 at 17167 (0.41%), NIFTY +13 at 5214 (0.26%), CNXMIDCAP -6 at 7503 (-0.08%)

Ø  SECTORAL PERFORMANCE: BANKEX -0.2%, AUTO -0.3%, CAPITAL GOODS -0.54%, HEALTHCARE -0.01%, Metal 0.59%, OIL & GAS -0.38%, IT 2.49%, FMCG -0.13%, PSU 0.48%, REALTY 0.23%, Consumer Durables 0.85%, POWER 0.89%

Ø  MARKET BREADTH: 257 Advances, 224 Declines (BSE 500)

Ø  TODAY'S GAINERS: TCS 11.68%, HCLT 4.23%, WPRO 2.82%, TPWR 2.31%, HNDL 1.89%

Ø  TODAY'S LOSERS: BHARTI -3.38%, ACEM -2.91%, ACC -2.05%, MM -2.04%, KMB -1.91%