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Tuesday, 15 May 2012

India Market Wrap


Ø  INDICES: Sensex +112 at 16328 (0.69%), NIFTY +35 at 4943 (0.71%), CNXMIDCAP +40 at 6962 (0.57%)
Ø  SECTORAL PERFORMANCE: BANKEX 0.78%, AUTO 0.27%, CAPITAL GOODS 3.07%, HEALTHCARE 0.97%, Metal 2.21%, OIL & GAS 0.06%, IT 1.09%, FMCG -0.64%, PSU 0.41%, REALTY 0.89%, Consumer Durables 0.03%, POWER 0.19%
Ø  MARKET BREADTH: 302 Advances, 189 Declines (BSE 500)
Ø  VOLUMES: BSE $0.33bn (-0.61%), NSE $1.81bn (9.37%), F&O $18.97bn (42.96%)
Ø  TODAY'S GAINERS: LT 5.42%, SESA 4.83%, CAIR 4.16%, STLT 3.27%, INFO 3.26%
Ø  TODAY'S LOSERS: NTPC -2.78%, MSIL -2.54%, IDFC -1.6%, ITC -1.56%, BHARTI -1.17%

MARKET COMMENTARY:
Stock markets in India climbed to the session’s highs in afternoon trades with the benchmark equity indices traded with gains of around three fourth of a percent. The frontline gauges which showed side-ways movement since the start of trade and see-sawed around the previous closing levels have come out of their range bound trajectory and are trending northwards led by Capital Goods and Metal counters. The markets traded on a subdued note for most part of morning trades tracking the apathetic cues from Asian peers as exacerbating concerns over the political and economic stability of the European region dampened investors’ appetite for riskier assets like equities. Investors were cautious after talks to form a new government in Greece failed and stoked fears that the debt laden nation would exit from the single currency union. However, sentiments got a lift after the vulnerable rupee strengthened sharply from a near record low against the dollar after Reserve Bank of India stepped in with massive intervention, signaling intent to defend the beleaguered domestic currency. The rupee appreciated to 53.88 to the dollar, after hitting intraday high of 54.15 after RBI reportedly sold $400- $500 million worth in spot. Moreover, European markets too opened on an encouraging note with gains of close to a percent and provided the much needed support to the domestic bourses. Amid the gloomy environment looming across Europe, the German GDP figures came as the silver lining as it indicated that Europe largest economy grew much more than expected in the first quarter, rising 0.5% q-o-q and 1.2% from the corresponding period last year. Back home, the Capital Goods counter rallied sharply with close to three percent gains thanks largely to bellwether L&T which spurted around five percent on the back of solid fourth quarter performance. The Metal and IT pockets too surged about a percent and supported the frontline indices. However, mild selling pressure was seen in Consumer Durables and rate sensitive Auto pockets which traded with moderate cuts. Moreover, the broader markets pared most of their losses and displayed. While the market breadth was in favor of advances.


NEWS ON TODAYS MOVERS:
Ø  Adani Power fell surged 2.69%,on bargain hunting after the stock fell 3.55% which was triggered by the company reporting net loss in Q4 March 2012.
Ø  L&T surged 5.42%, with the stock extending Monday's 1.83% gains triggered by the company reporting strong Q4 earnings.
Ø  JSW Steel rose 5.37%, with the stock recovering on bargain hunting after 5-day 14.1% slide.
Ø  Ashok Leyland fell close to 1% after net profit fell 10.3% at Rs 565.98 crore on 14.9% growth in sales turnover to Rs 12841.99 crore in the year ended 31 March 2012 over the year ended 31 March 2011.
Ø  Indraprastha Gas rose 2.96% after net profit rose 16.8% to Rs 80.76 crore on 41.4% growth in net sales to Rs 720.26 crore in Q4 March 2012 over Q4 March 2011.
Ø  Divi's Laboratories rose 1.76%, with the stock extending Monday's 7.31% rally triggered by the company reporting strong Q4 earnings.
Ø  Cummins India fell surged 3.80% despite the company’s net profit rose by a muted 0.41% to Rs 144.57 crore on 0.42% decline in total income to Rs 1064.53 crore in Q4 March 2012 over Q4 March 2011.

CORPORATE NEWS:
Ø  Videocon consortium announces exploration success in mozambique
Ø  Ongc to relinquish block 128 in south china sea, minister says
Ø  Essar energy us$450m bridge loan refinanced
Ø  Essar: refinanced with new $300m 3-yr loan,$150m cash resources
Ø  Cummins india 4q net 1.45 bln rupees; analyst est. 1.44 bln
Ø  Aditya Birla Q4 cons net profit declines by 42%
Ø  BPCL, Videocon rise on discovery of Mozambique gas
Ø  GSK Consumer to focus on breakfast and snack segments
Ø  Corporation Bank to ramp up SME portfolio
Ø  IOB looks to raise $500 mn in FY13
Ø  India probing Bharti under provisions of money laundering act
Ø  Indian court gives bail to ex-telecom minister raja in 2g case

ECONOMIC NEWS:
Ø  India march services exports at $12.9b, imports at $9.08b: rbi
Ø  India says Mauritius unwilling to cooperate to address problem
Ø  India wants to review Mauritius tax accord to check misuse
Ø  Indian refiners plan to import 15.5 mln tons iran crude this fy
Ø  India buys crude from 30 countries, minister r.p.n. singh says
Ø  India imported 17.44 mln tons of oil from iran in 2011-12
Ø  Mukherjee: will bring dtc bill for approval in monsoon session



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