India Market Wrap

Ø  INDICES: Sensex -17 at 17302 (-0.1%), NIFTY -9 at 5239 (-0.17%), CNXMIDCAP -27 at 7444 (-0.37%)

Ø  SECTORAL PERFORMANCE: BANKEX 0.27%, AUTO -1.72%, CAPITAL GOODS -0.94%, HEALTHCARE 0.04%, Metal -0.36%, OIL & GAS -0.58%, IT 0.97%, FMCG 0.21%, PSU -0.56%, REALTY 0.04%, Consumer Durables 2.41%, POWER -1.25%

Ø  MARKET BREADTH: 194 Advances, 294 Declines (BSE 500)

Ø  VOLUMES: BSE $0.34bn (6.51%), NSE $1.81bn (7.65%), F&O $13.17bn (4.84%)

Ø  TODAY'S GAINERS: DLFU 3.16%, BHARTI 2.4%, PNB 1.98%, CIPLA 1.94%, SAIL 1.85%

Ø  TODAY'S LOSERS: TTMT -3.81%, RPWR -2.99%, MSIL -2.84%, TPWR -2.41%, GRASIM -2.21%

MARKET COMMENTARY:

As mentioned in our morning note the Indian benchmarks  witnessed a sluggish movement moving in a narrow range in the absence of participation of foreign institutional investors. Further  gains were trimmed in the late afternoon session as investors have started booking profits in the frontline blue chip counters. Few traders were seen piling up position in Consumer Durables, and IT sector while selling was being witnessed in Auto, Power and Capital Goods sector.  In the scrip specific development, cable companies including Hathway and WWIL rallied in the session after Telecom Regulatory Authority of India (TRAI)’s notification on digitizing cable TV distribution which recommended a mandatory 'carriage fee' - or, the money that broadcasters have to pay to cable companies for them to carry their channel.  On the global front, all the Asian markets were trading in green while the European markets were trading mixed. Investors added positions with conviction ahead of a slew of economic reports due out from the Euro-zone later in the day. On the home turf, overall the market breadth was neutral.

NEWS ON TODAYS MOVERS:

Ø  Titan Industries surged 4.48% after net profit jumped 72.2% to Rs 144.28 crore on 28.3% growth in net sales to Rs 2281.42 crore in Q4 March 2012 over Q4 March 2011.

Ø  Hindustan Unilever gained 1.77% after net profit rose 20.63% to Rs 686.61 crore on 15.66% rise in net sales to Rs 5660.48 crore in Q4 March 2012 over Q4 March 2011.

Ø  Tata Motors lost ground by nearly  3.81% after total sales including exports of Tata commercial and passenger vehicles fell 7% to 60,086 vehicles in April 2012 over April 2011

Ø  JSW Energy surged nearly 2.55% after consolidated net profit rose 9.5% to Rs 225.32 crore 43.1% growth in net sales to Rs 2036.07 crore in Q4 March 2012 over Q4 March 2011.

Ø  Bharti Airtel rose 2.40% after the company reported good operational figures for the Q4 and year ended March 2012 over previous corresponding period a year ago. .

Ø  Bajaj Auto fell nearly 1.99% after total sales rose 4% to 381,590 units in April 2012 over April 2011.

Ø  Shoppers Stop fell 1.51% after consolidated net profit fell 87.6% to Rs 0.96 crore on 25.4% growth in net sales to Rs 816.57 crore in Q4 March 2012 over Q4 March 2011.

Ø  Mahindra & Mahindra rose 0.77% after auto sales rose 27% to 40,719 units in April 2012 over April 2011.

CORPORATE NEWS:

Ø  MOEF disagrees with MCFL’s feed stock project

Ø  Century Textiles Q4 net loss at Rs23.89 cr

Ø  Syndicate Bank launches jewel loan maha mela

Ø  BGR Energy bags Rs1,855 cr order

Ø  Bajaj Auto records highest sales in April

Ø  Alstom T&D India bags substation order worth Rs84 Cr

Ø  OMCs suffer losses on fuel sale

Ø  Exports falls 5.7% to $28.7 bn in March

Ø  L&T to finalise vendors for Hyderabad Metro

Ø  RIL buys back shares of Rs538.56 crore

Ø  KFA employees may move Labour Court over salary dues

Ø  Hero MotoCorp April sales up 7%; hits 52-week high

Ø  TVS Motor April domestic sales up 7%

Ø  Tata Motors April sales decline 7%

Ø  M&M sales jumps 27% in April

Ø  Bharti Airtel Q4 cons net profit declines by 28%

Ø  Maruti domestic sales up 3% in April

Ø  Bharti appoints Huawei to manage 4G network in Karnataka

Ø  EGoM OKs start of spectrum auction process

Ø  India top court refuses to stay essar-loop case at lower court3

ECONOMIC NEWS:

Ø  India’s april gold imports at 30-35 tons vs 90 tons year ago

Ø  India coal mine strike by union opposing mainly privatization

Ø  Labor union to call 1-day strike at indian coal mines june 10

Ø  India sugar output oct-april at 25.1 mln tons: isma

Ø  India’s rupee falls past 53 a dollar for first time since jan 5