Mid Market Wrap

Market Commentary:

Ø  Asian stocks rose for a second day and metals advanced on speculation China and Europe will take steps to bolster economic growth. The euro weakened.

Ø  Backhome, a bout of volatility was witnessed as key benchmark indices trimmed gains after a firm opening.The BSE Sensex and NSE Nifty stayed up 0.6% each led by buying interest in oil & gas, technology, private banks and metals stocks. Nifty was trying to regain 4950 mark.

Ø  Stocks in Focus:

v  Tata Power: stock was down by more than 2% ahead of its FY 2012 results today.

v  Thomas Cook was the most active stock on the BSE after the parent company sold 77% stake in Indian unit to Fairbridge Capital at Rs 50 a share and announced open offer at Rs 65.48 a share. The stock gained 2%.

Ø  The rupee recovered by four paise to 54.99 after touching an all-time low in late morning trade due to mild selling of dollars by banks following measures taken by RBI to curb the local currency's fall.

Ø  Nifty May Futs may take further direction after EU opening. We expect it trade in the range of 4890-4950.

Ø  INDICES: Sensex +83 at 16267 (0.51%), NIFTY +23 at 4929 (0.47%), CNXMIDCAP +28 at 6931 (0.4%)

Ø  SECTORAL PERFORMANCE: BANKEX 0.47%, AUTO 0.52%, CAPITAL GOODS 0.35%, HEALTHCARE -0.24%, Metal 0.62%, OIL & GAS 0.99%, IT 0.73%, FMCG 0.55%, PSU 0.97%, REALTY -0.13%, Consumer Durables 0.39%, POWER 0.53%

Ø  MARKET BREADTH: 322 Advances, 162 Declines (BSE 500)

Ø  TODAY'S GAINERS: BHEL 3.02%, TTMT 2.62%, SAIL 2.53%, CAIR 1.95%, RCOM 1.67%

Ø  TODAY'S LOSERS: SUNP -2.5%, TPWR -2.4%, MSIL -1.67%, SESA -1.44%, RPWR -1.07%