Mid Market Wrap

Market Commentary:

Ø  Asian stocks fell, heading for the biggest weekly decline since November, while U.S. equity futures and oil dropped after JPMorgan Chase & Co.’s $2 billion surprise loss underscored risks to global financial markets. Treasuries rallied for an eighth week, the longest winning streak since 1998.

Ø  Back home as well South-bound journey continued for yet another day with Nifty breaching crucial 4,950 mark in early trade following weak regional peers. Adding to the negatives much lower (-3.5%) than expected growth (+1.7%) in industrial output data for March sent the BSE Sensex and NSE Nifty more than 1% lower.

Ø  Stocks in Focus:

v  JSW Steel tanked as SC orders CBI probe in mining case

v  Ranbaxy (RBXY) lost 4% on profit booking after a recent sharp rally in stock post results.

Ø  The rupee depreciated by 12 paise to Rs 53.54 against the dollar, weighed down by dollar's gains against euro and Asian currencies overseas.

Ø  On intra-day basis, we expect Nifty May Futs to trim some losses. It can touch 4960 on its upmove.

Ø  INDICES: Sensex -148 at 16272 (-0.9%), NIFTY -49 at 4917 (-0.98%), CNXMIDCAP -114 at 6949 (-1.62%)

Ø  SECTORAL PERFORMANCE: BANKEX -0.52%, AUTO -0.53%, CAPITAL GOODS -1.39%, HEALTHCARE -1.67%, Metal -1.54%, OIL & GAS -0.44%, IT -1.04%, FMCG -1.63%, PSU -1.17%, REALTY -1.42%, Consumer Durables -1.08%, POWER -0.93%

Ø  MARKET BREADTH: 85 Advances, 411 Declines (BSE 500)

Ø  TODAY'S GAINERS: BHEL 1.03%, TTMT 0.86%, BJAUT 0.82%, JPA 0.58%, HMCL 0.47%

Ø  TODAY'S LOSERS: RBXY -4.06%, SUNP -3.31%, MSIL -3.16%, ACC -3.1%, ITC -2.76%