Mid Market Wrap

Market Commentary:

Ø  Asian stocks rose for a fifth day, the best winning streak in three months, and the won gained as Bank of Communications Ltd. and Samsung Heavy Industries Co. reported better-than-expected earnings. Australia’s shares rallied to a nine-month high before a forecast interest-rate cut.

Ø  Backhome also, after making cautious start, key domestic bourses have turned firm as investors got some support from CII’s survey which showed that India’s business confidence has bettered from the last qtr. Nifty was trading strong above 5250.

Ø  The market breadth was strong. Except BSE Auto index, all the other sectoral indices on BSE were in the green.

Ø  Stocks in Focus:

v  Maruti Suzuki: Maruti Suzuki India declined more than 2% after the company declared its net profit fell 3.03%.

v  IT stocks: were helped by weaker rupee and hopes for more stimulus from the US Fed after data showed cooling US growth. TCS & INFY each gained more than 2%.

Ø  The rupee today rose marginally by 4 paise to 52.50 as the dollar weakened against other Asian currencies overseas.

Ø  From intra-day perspective, we expect Nifty May Futs to trade in green but it may trim gains in the afternoon trade.

Ø  INDICES: Sensex +157 at 17344 (0.91%), NIFTY +48 at 5257 (0.92%), CNXMIDCAP +51 at 7467 (0.68%)

Ø  SECTORAL PERFORMANCE: BANKEX 1.3%, AUTO 0.08%, CAPITAL GOODS 0.53%, HEALTHCARE -0.02%, Metal 1.08%, OIL & GAS 0.9%, IT 1.68%, FMCG 0.03%, PSU 1.1%, REALTY 2.03%, Consumer Durables 0.44%, POWER 1.09%

Ø  MARKET BREADTH: 365 Advances, 125 Declines (BSE 500)

Ø  TODAY'S GAINERS: RPWR 6.21%, RELI 3.53%, DLFU 3.48%, TCS 2.88%, IDFC 2.84%

Ø  TODAY'S LOSERS: MSIL -2.04%, BHEL -1.48%, DRRD -1.1%, MM -0.83%, ITC -0.12%