India Market Wrap

Ø  INDICES: Sensex -60 at 16420 (-0.36%), NIFTY -9 at 4966 (-0.18%), CNXMIDCAP +8 at 7063 (0.11%)

Ø  SECTORAL PERFORMANCE: BANKEX -0.08%, AUTO -0.89%, CAPITAL GOODS -0.15%, HEALTHCARE -0.33%, Metal -1.02%, OIL & GAS 0.62%, IT -0.13%, FMCG -0.25%, PSU -0.23%, REALTY -0.11%, Consumer Durables 0.31%, POWER -0.75%

Ø  MARKET BREADTH: 211 Advances, 280 Declines (BSE 500)

Ø  VOLUMES: BSE $0.35bn (-5.63%), NSE $1.81bn (-11.54%), F&O $20.67bn (-4.25%)

Ø  TODAY'S GAINERS: CAIR 3.86%, IDFC 3.04%, DLFU 2.34%, BPCL 2.23%, AXSB 2.09%

Ø  TODAY'S LOSERS: MSIL -3.03%, RBXY -2.92%, JSP -2.86%, SBIN -2.12%, PNB -1.86%

MARKET COMMENTARY:

Indian benchmarks pared gains to continue its trade in red in the late afternoon session as conservative investors started selling frontline blue chip counters amid weak European cues. Sentiments also remained subdued as disappointing Chinese trade data kept markets on edge. Chinese exports rose 4.9% in April from a year earlier, while imports rose 0.3%, as per the latest data. The growth in both imports and exports was below expectations. Besides, China's trade surplus for April widened to $18.4 billion, compared to expectations of $10.4 billion. Traders were seen piling up position in Oil & Gas sector while selling was witnessed in Auto, Metal and FMCG sector. Maruti, Hero MotoCorp, Bajaj Auto and Tata Motors from auto pack were seen trading weak driving the markets down. Sterlite, Sesa Goa, SAIL, Hindalco, Jindal Steel and Tata Steel from Metal pack were seen trading weak in red drifting the markets lower. However, Cairn India, BPCL and ONGC from Oil & Gas sector was seen trading firm providing the much needed support.  In the scrip specific development, lot of activity has been noticed in cement companies counters on reports that the Competition Commission of India, an anti-trust body, has completed its probe into alleged cartelization by around 39 cement companies, CCI may impose hefty penalties on companies found guilty. On the global front, the Asian markets were trading on a mix note while the European markets were too trading on a mix note. On the home turf, the market breadth  was negative.

NEWS ON TODAYS MOVERS:

Ø  Gammon Infrastructure Projects tumbled 0.82% after the company reported consolidated net loss of Rs 15.51 crore in Q4 March 2012, compared with net profit of Rs 8.51 crore in Q4 March 2011.

Ø  Reliance Industries traded flat with marginally closing in negative after the company said it raised $2 billion in debt from a consortium of nine international banks.

Ø  ABB fell 3.30%, extending Wednesday's 1.50% fall triggered by weak Q1 March 2012 results announced during trading hours on Wednesday, 9 May 2012.

Ø  Bank of Baroda rose traded in green after LIC said it acquired 2.18 crore shares of the bank from 12 October 2011 to 4 May 2012 through a combination of preferential issue of shares and through open market purchases.

Ø  Glenmark Pharmaceuticals surged 6.44% with the stock extending Wednesday's 3.03% gains triggered by the company reporting strong Q4 earnings.

Ø  NTPC fell 1.35% after net profit fell 6.77% to Rs 2593.44 crore on 5.20% increase in total income to Rs 17,031.82 crore in Q4 March 2012 over Q4 March 2011.

Ø  Apollo Tyres tumbled 3.43% after consolidated net profit fell 18.38% to Rs 156.95 crore on 17.54% growth in total income to Rs 3257.70 crore in Q4 March 2012 over Q4 March 2011.

Ø  Emami rose 0.74%, with the stock extending Wednesday's 7.36% rally triggered by the company reporting strong Q4 earnings.

Ø  Infrastructure Development Finance Company jumped 3.04% with the stock extending Wednesday's 1.49% gains triggered by the company reporting strong FY 2012 results.

CORPORATE NEWS:

Ø  AI pilots' stir continues, 20 flights cancelled

Ø  PTC India appoints Jeffrey Wilmot as Sr VP

Ø  Puravankara Q4 net zooms two-fold at Rs 46 cr

Ø  Aditya Birla group bids for Australian iron ore firm: report

Ø  Aditya Birla group bids for Australian iron ore firm:

Ø  TV18 Jan-Mar qtr loss narrows to 8.26 cr

Ø  Cipla breached patent rights by slashing drug prices: Bayer

Ø  Canara Bank Q4 net drops 8% to Rs 829 cr

Ø  Apollo Tyres Q4 net declines 18% to Rs 157 cr

Ø  Brent drops below $113 after China trade data

Ø  Jubilant Food Q4 cons net profit jumps by 44%

Ø  BHEL-WRI, HCC JV to build India's longest railway bridge

Ø  ONGC keen to offer 0.6 mmscmd gas to SPIC

ECONOMIC NEWS:

Ø  Moody’s plans to downgrade over 100 banks

Ø  Govt may retain FDI cap in insurance sector at 26%

Ø  RBI asks exporters to convert 50% of Forex into rupees

Ø  Pranab's remark leads to adjournment of Lok Sabha for an hour

Ø  April car sales rise 3.4% y-o-y