Mid Market Wrap

Market Commentary:

Ø  Asian stocks rose after falling the most in six months and copper gained on optimism over earnings and as German manufacturing data improved. The Australian dollar fell after the country’s trade deficit more than doubled.

Ø  Back home, a bout of volatility was witnessed in mid-morning trade as key benchmark indices recovered soon after sliding to fresh intraday lows. The BSE Sensex and NSE Nifty pared losses led by recovery in banks, capital goods and metals stocks.

Ø  Stocks in Focus:

v  IT gauge tumbled over 2% after Cognizant Technology Solutions lowered its full-year forecast for the first time in nearly four years. TCS was down more than 4% while INFY, HCL Tech & WPRO lost around 2%.

v  Gas utility major GAIL (India) advanced on bargain hunting after falling 3.51% in prior four trading sessions.

Ø  The rupee opened higher on Tuesday as global risk sentiment improved. It was trading at 52.8250/8350 to the dollar.

Ø  For Nifty May Futs, on Intra-day basis we expect it to find support at 5060 level while upside can be restricted to 5110.

Ø  INDICES: Sensex -115 at 16797 (-0.68%), NIFTY -33 at 5081 (-0.65%), CNXMIDCAP +16 at 7256 (0.22%)

Ø  SECTORAL PERFORMANCE: BANKEX -0.45%, AUTO -0.77%, CAPITAL GOODS -0.85%, HEALTHCARE 0.01%, Metal -0.2%, OIL & GAS -0.64%, IT -2.39%, FMCG 1.04%, PSU 0.84%, REALTY 0.72%, Consumer Durables 0.03%, POWER -0.81%

Ø  MARKET BREADTH: 306 Advances, 177 Declines (BSE 500)

Ø  TODAY'S GAINERS: GAIL 3.62%, Coal 2.48%, PNB 2.33%, DLFU 2.21%, ITC 1.63%

Ø  TODAY'S LOSERS: TCS -4.82%, INFO -2.81%, BHEL -2.73%, HCLT -2.67%, WPRO -2.07%