Mid Market Wrap

Market Commentary:

Ø  Asian stocks fell to the lowest level in more than three months and New Zealand’s dollar dropped for an eighth day on concern Greek leaders will back out of bailout agreements. Australian bond yields and the currency sank as the government announced the first budget cuts in at least 42 years.

Ø  Back home as well after witnessing butchery in previous session, sentiments continued to remain bearish on Wednesday’s morning trade as market participants chose to remain on side lines. The BSE Sensex and NSE Nifty recouped losses led by rally in capital goods stocks, and TCS and ITC. However, the upside capped due to fall in SBI, ICICI Bank, Infosys and Reliance Industries.

Ø  Stocks in Focus:

v  ITC: country's largest cigarette manufacturer, shot up 4.5% led by value buying.

v  RIL: fell 1.00% to Rs 700 on reports the firm has reduced estimates for proven gas reserves from its Indian blocks by 6.7%.

Ø  The rupee opened lower as renewed concerns about the euro zone battered riskier assets.The rupee was at 53.54/55 to the dollar.

Ø  We expect Nifty May Futs to take further direction after EU mkts opening. A weak opening can make it to slide upto 4950-60 level. It can face resistance at 5025 level.

Ø  INDICES: Sensex +11 at 16558 (0.07%), NIFTY -3 at 4997 (-0.06%), CNXMIDCAP -41 at 7092 (-0.57%)

Ø  SECTORAL PERFORMANCE: BANKEX -0.88%, AUTO -0.5%, CAPITAL GOODS 0.93%, HEALTHCARE 0.13%, Metal -1.1%, OIL & GAS -1.16%, IT 0.28%, FMCG 2.44%, PSU -0.94%, REALTY -1.75%, Consumer Durables -0.43%, POWER -0.51%

Ø  MARKET BREADTH: 185 Advances, 299 Declines (BSE 500)

Ø  TODAY'S GAINERS: ITC 4.83%, TCS 2.44%, BHEL 1.9%, LT 1.48%, BPCL 1.31%

Ø  TODAY'S LOSERS: JPA -3.51%, CAIR -3.01%, KMB -2.97%, PNB -2.8%, SAIL -2.57%