Mid Market Wrap

Market Commentary:

Ø  Asian stocks fell for a sixth day, commodities dropped and the yen weakened as talks to form a new Greek government failed and Japanese machinery orders declined. Japan’s 10-year bond yield fell to the lowest level since October 2010.

Ø  Backhome, after a gap-down opening benchmark indices continued to slide further down to hit their lowest level in more than 17 weeks. The BSE Sensex and NSE Nifty fell 1.7% each due to consistent sell-off in major sectors like banks & financials, auto, metals and FMCG stocks. Nifty was hovering aroung its crucial support of 4850 level.

Ø  Stocks in Focus:

v  Cairn India shot up 2.5% on the back of addition in Global Standard Index by MSCI.

v  Tata Motors plunged over 6% due to dismal performance in April's sales numbers.

Ø  The rupee today fell five-month low by losing 47 paise to 54.26 against the US dollar on increased capital outflows amid strong demand for the American currency.

Ø  On Intra-day basis, as sentiments remains bearish we expect Nifty May Futs to trade in red zone only. It can take further direction after EU opening. Some bottom fishing may take it upto 4875-80 level later in the day.

Ø  INDICES: Sensex -327 at 16002 (-2%), NIFTY -95 at 4848 (-1.92%), CNXMIDCAP -88 at 6874 (-1.26%)

Ø  SECTORAL PERFORMANCE: BANKEX -2.31%, AUTO -3.35%, CAPITAL GOODS -1.99%, HEALTHCARE -0.32%, Metal -2.67%, OIL & GAS -0.24%, IT -1.03%, FMCG -0.86%, PSU -1.31%, REALTY -2.2%, Consumer Durables -2.29%, POWER -2.52%

Ø  MARKET BREADTH: 99 Advances, 395 Declines (BSE 500)

Ø  TODAY'S GAINERS: BPCL 3.27%, CAIR 1.68%, GAIL 0.89%, DRRD 0.73%, TCS 0.01%

Ø  TODAY'S LOSERS: TTMT -6.97%, HDFC -5.04%, JPA -4.15%, BHEL -4.09%, IDFC -3.99%