Mid Market Wrap

Market Commentary:

Ø  Asian stocks tumbled the most since November, European equity futures fell and the euro slid to a three-month low after French Socialist Francois Hollande was elected President. Treasuries and the yen advanced, while commodities declined.

Ø  Back home also key benchmarks have made a gap-down opening, extending losing streak for the fourth straight session. The weaker rupee and uncertainty in a day when the Finance Bill containing the controversial provisions is set to be introduced in the parliament also weighed down the sentiments. The BSE Sensex tanked nearly 300 points due to consistent selling in banks, technology, auto, FMCG and metals, while the NSE Nifty was struggling to hold the 5000 level.

Ø  Stocks in Focus:

v  Country's largest lender State Bank of India tumbled over 4% while rivals HDFC Bank and ICICI Bank were down 2.7-3%.

v  BPCL gained 2% as crude oil prices came down.

Ø  USD/INR retreated from session high of 53.76 to fall to 53.42/43, vs. 53.47/48 last close, as rumoured early RBI intervention weighed on the market.

Ø  For Nifty May Futs, we expect it to trade in the negative territory. A weak opening in EU markets can make it slide further and Nifty Futs can go down up to 4960 level.

Ø  INDICES: Sensex -287 at 16544 (-1.71%), NIFTY -90 at 4997 (-1.76%), CNXMIDCAP -156 at 7059 (-2.17%)

Ø  SECTORAL PERFORMANCE: BANKEX -2.62%, AUTO -1.25%, CAPITAL GOODS -1.26%, HEALTHCARE -0.71%, Metal -1.94%, OIL & GAS -1.44%, IT -1.65%, FMCG -1.63%, PSU -1.74%, REALTY -2.86%, Consumer Durables -1.28%, POWER -1.46%

Ø  MARKET BREADTH: 66 Advances, 431 Declines (BSE 500)

Ø  TODAY'S GAINERS: BPCL 2.28%, BHEL 1.07%, ACEM 0.53%, CIPLA 0.34%, SUNP 0.17%

Ø  TODAY'S LOSERS: JPA -5.27%, CAIR -4.94%, SBIN -3.73%, SAIL -3.41%, HDFCB -3.39%