India Market Wrap

Ø  INDICES: Sensex +31 at 16183 (0.19%), NIFTY +15 at 4906 (0.3%), CNXMIDCAP +36 at 6903 (0.52%)

Ø  SECTORAL PERFORMANCE: BANKEX 1.08%, AUTO 0.48%, CAPITAL GOODS 1.96%, HEALTHCARE 0.28%, Metal 0.4%, OIL & GAS 0.52%, IT -1%, FMCG -1.17%, PSU 0.64%, REALTY 1.9%, Consumer Durables 0.03%, POWER 1.27%

Ø  MARKET BREADTH: 327 Advances, 167 Declines (BSE 500)

Ø  VOLUMES: BSE $0.28bn (-22.39%), NSE $1.42bn (-24.72%), F&O $17.85bn (-37.58%)

Ø  TODAY'S GAINERS: TPWR 5.23%, RELI 3.89%, MSIL 3.61%, SBIN 3.55%, RPWR 3.2%

Ø  TODAY'S LOSERS: WPRO -2.06%, ITC -1.96%, INFO -1.78%, HUVR -1.35%, ACC -1.28%

MARKET COMMENTARY:

Frontline India indices looked set to end another day with pairing off gains and closing flat towards the close as the Indian benchmarks continued to be besieged by a sliding rupee, which touched an all-time low against the dollar today for a fourth consecutive day. Key benchmark indices were range bound in early afternoon trade. On global front though a statement from G8 leaders after a summit over the weekend boosted sentiment but could not hold on to the gains. G8 leaders over the weekend backed keeping Greece in the euro zone and vowed to take all steps necessary to combat financial turmoil while revitalizing a global economy increasingly threatened by Europe's debt crisis. Most Asian stock indices were trading higher on Monday after Chinese Prime Minister Wen Jiabao said that China will focus more on policies that boost economic growth. Back home the 'White Paper' on black money was tabled in Parliament on Monday by Finance Minister Pranab Mukherjee, The White Paper said that Vodafone tax case provides instance of misuse of corporate structure to avoid payment of taxes. Sustained buying was visible in the capital goods, realty and banking stocks. The country’s largest lender State Bank of India moved up further, rising 4 percent after reporting better than expected net profit of Rs 4,050 crore for the fourth quarter of financial year 2011-12 as against Rs 21 crore in a year ago period. Its competitors ICICI Bank and HDFC Bank were up 1 percent and 0.5 percent, respectively. The Realty sector stocks also witnessed renewed buying interest. Moreover, the broader indices were going neck to neck with while the market breadth which was slightly positive.

NEWS ON TODAYS MOVERS:

Ø  Tata Steel fell traded flat with gains of nearly 0.70% despite the company  consolidated net profit plunged 89.63% to Rs 433 crore on 0.5% growth in turnover to Rs 33999 crore in Q4 March 2012 over Q4 March 2011. But showed a strong sequential performance in Q4

Ø  State Bank of India rose 3.55% , extending Friday's 5.08% rise triggered by strong Q4 March 2012 results.

Ø  Reliance Capital jumped 7.96%, after the company reported a consolidated net profit of Rs 329.32 crore in Q4 March 2012 compared with a net loss of Rs 6.46 crore in over Q4 March 2011.

Ø  JSW Steel rose 1.95%, after the company said its crude steel production grew 35% to 7.15 lakh tons in April 2012 over April 2011.

Ø  Aviation companies rose 1.93%, as oil companies cut jet fuel prices recently, the third straight reduction in rates since April 2012

Ø  Larsen & Toubro rose 2.68%, after the company said L&T Construction has bagged new orders worth Rs 744 crore during the first quarter of 2012-2013.

Ø  Bhel rose 2.99%, after the company bagged a contract for supply and installation of electrostatic precipitator package for 2x660 megawatts Solapur super-critical thermal power project in Maharashtra.

Ø  Jain Irrigation Systems traded flat for the day despite of company announcing a JV , partnering with G8 and various African nations company has committed investment and project of $375 million over the next few years to build sustainable agriculture and to improve income of small holder farmers in Sub-Saharan Africa.

CORPORATE NEWS:

Ø  BHEL bags contract from Solapur power project

Ø  Adani Enterprises Q4 cons net profit at Rs309.45 cr

Ø  Chettinad commissions cement plant in Karnataka

Ø  H&R Johnsona division of Prism Cement, to invest Rs225 crore this fiscal

Ø  JSW Steel crude steel production grew 35%

Ø  Uflex eyes 60% growth in net profit this fiscal

Ø  Moser Baer to restructure Rs1,800 crore term debt

Ø  Tata Steel Odisha plant to be ready by next fiscal

Ø  L&T Construction bags orders worth Rs744 crore

Ø  SBI extends gain on healthy Q4 earnings

Ø  Ranbaxy to re-launch skincare brand Sotret in US

Ø  RIL, HFCL tie up for 4G launch

Ø  CCI clears 3 state oil firms of cartelisation charges

Ø  FDC board to consider Buy-back of shares

Ø  Dr Reddy's launches much-delayed acidity drug in US

ECONOMIC NEWS:

Ø  India's policies have dampened investment climate: US envoy

Ø  White Paper for setting of Lokpal to deal with black money

Ø  Banking Laws to be tabled in parliament today

Ø  Cabinet to consider FDI in aviation proposal soon

Ø  India April service tax rises 35.6% to 88.5 bln rupees

Ø  India April excise tax grew 17.8% to 126 bln rupees

Ø  India April customs tax revenue fall 8.8% to 115.9b rupees

Ø  India April indirect tax revenue rises 10% to 330.4b rupees