Mid Market Wrap

Market Commentary:

Ø  Asian stocks fell, the New Zealand dollar slid to a three-month low and gold dropped as data on global jobs and China’s services industry signaled weaker economic growth. Chinese banks slumped after Temasek Holdings Pte. sold shares in the lenders.

Ø  Backhome, sentiments continue to remain bearish on Thursday’s morning trade on the back of fresh selling by funds and retail investors tracking a weak trend across the globe. The benchmark index Nifty breached 5200 mark on feeble rupee. The Indian rupee declined by 26 paise in early trade today to hit fresh four-month low of Rs 53.22.

Ø  Stocks in Focus:

v  FMCG giant Hindustan Unilever (HUL): extended Wednesday's gains triggered by strong Q4 earnings.

v  Sugar stocks like Shree Renuka Sugar, Balrampur Chini, Bajaj Hindustan, Dhampur Sugar Mills rallied 3-6 percent as government on Wednesday removed the cap on sugar exports.

v  Banks stocks (SBI/ICICI/AXSB) declined as the RBI's final guidelines to implement the Basel-III capital rules require banks to steadily build up their capital buffers through March 2018.

v  IRB shares took a beating after the managing director of the company were produced before the court by the CBI to seek permission for the test in a murder case.

Ø  For Nifty May Futs, we expect it to slide further down during the day. It may find support at 5160 level while upside can be restricted to 5225-30.

Ø  INDICES: Sensex -117 at 17185 (-0.67%), NIFTY -41 at 5198 (-0.78%), CNXMIDCAP -84 at 7360 (-1.13%)

Ø  SECTORAL PERFORMANCE: BANKEX -1.52%, AUTO -1.92%, CAPITAL GOODS -0.85%, HEALTHCARE -0.12%, Metal -1.08%, OIL & GAS -0.55%, IT 0.3%, FMCG -0.2%, PSU -1.11%, REALTY -1.76%, Consumer Durables -0.26%, POWER -1.03%

Ø  MARKET BREADTH: 105 Advances, 384 Declines (BSE 500)

Ø  TODAY'S GAINERS: WPRO 1.81%, RCOM 1.72%, HUVR 1.62%, HDFCB 0.91%, INFO 0.81%

Ø  TODAY'S LOSERS: HMCL -6.76%, AXSB -3.42%, ICICIBC -3.13%, DLFU -3.01%, IDFC -2.85%