Mid Market Wrap

Market Commentary:

Ø  Asian stocks swung between gains and losses as a positive earnings outlook for companies including Toyota Motor Corp. offset concern Greece will be forced out of the euro and signs China’s economy is slowing.

Ø  Backhome, after witnessing a sharp fall during last few trading sessions, key domestic bourses have witnessed rebound making a gap up opening. Key indices pared gains after striking fresh intraday highs. NSE Nifty held the 5000 level quite nicely. Index heavyweights Reliance Industries, State Bank of India and Larsen & Toubro were helping the market.

Ø  Stocks in Focus:

v  Bank stocks except PNB rose on bargain hunting after recent steep slide triggered by the RBI's final guidelines to implement the Basel-III capital rules.

v  Reliance Industries (RIL) rose over 1% with the stock recovering from six-day 6.72% slide.

Ø  The rupee rose after the RBI fixed intra-day open position limits at five times the net overnight open position limit for rupee trading. The move to curb excessive position-taking sent the rupee up to 53.35/40 to the dollar.

Ø  We expect Nifty May Futs to trade in green zone only for the rest of the day but it can trim some gains. On the upside it may face resistance at 5065-70.

Ø  INDICES: Sensex +148 at 16628 (0.9%), NIFTY +50 at 5025 (1%), CNXMIDCAP +49 at 7104 (0.69%)

Ø  SECTORAL PERFORMANCE: BANKEX 1.33%, AUTO 1.11%, CAPITAL GOODS 1.4%, HEALTHCARE 0.19%, Metal 1.05%, OIL & GAS 1.1%, IT 0.22%, FMCG 0.57%, PSU 0.84%, REALTY 0.73%, Consumer Durables 0.42%, POWER 0.94%

Ø  MARKET BREADTH: 366 Advances, 128 Declines (BSE 500)

Ø  TODAY'S GAINERS: IDFC 4.69%, CAIR 3.99%, BHEL 2.85%, JSP 2.66%, AXSB 2.6%

Ø  TODAY'S LOSERS: RBXY -1.54%, MSIL -1.47%, PNB -1.36%, INFO -1.03%, Coal -0.29%