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%
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