Mid Market Wrap

Market Commentary:

Ø  European equity futures fell, commodities declined to their cheapest this year and the euro weakened to a three-month low on concern that Greece would exit the single European currency and after German Chancellor Angela Merkel’s party lost a state election.

Ø  Backhome, benchmarks made a flat-to-positive opening tracking an overall mixed trend in Asian markets. But a higher than expected April inflation number led to a sharp fall in the market. As resported, there was a sharp rise in price in April as inflation has inched up to 7.23%, much higher than 6.89% in March. Nifty fell more than 0.50% before again gaining the 4900 mark.

Ø  Stocks in Focus:

v  L&T gained arond 1% ahead of its FY 2012 results today.

v  OMCs (BPCL/HPCL/IOCL): were edged higher by about 1% each on the buzz that they may go for a price hike after the budget session.

Ø  The rupee moved up marginally by 4 paise to trade at 53.59 against the dollar on increased foreign fund inflows amid a higher opening in the equity market.

Ø  On Intra-day basis, we expect Nifty May Futs to find support at 4880 level.

Ø  INDICES: Sensex -71 at 16222 (-0.44%), NIFTY -27 at 4902 (-0.55%), CNXMIDCAP -60 at 6926 (-0.86%)

Ø  SECTORAL PERFORMANCE: BANKEX -1.46%, AUTO -0.24%, CAPITAL GOODS -0.27%, HEALTHCARE 0.3%, Metal -0.24%, OIL & GAS -0.69%, IT -0.28%, FMCG -0.12%, PSU -0.83%, REALTY -0.89%, Consumer Durables 0.39%, POWER -0.83%

Ø  MARKET BREADTH: 158 Advances, 331 Declines (BSE 500)

Ø  TODAY'S GAINERS: BJAUT 1.28%, SESA 1.26%, GAIL 0.96%, BPCL 0.96%, MM 0.95%

Ø  TODAY'S LOSERS: JPA -3.26%, RPWR -3.19%, HCLT -2.57%, RCOM -2.51%, ONGC -2.22%