Market Commentary

Market Activity: Key share indices slipped marginally and trade was choppy as Asian markets remained mixed and rolled over outstanding positions to the April derivatives series.

At 10.15AM, Sensex was 16180.15, down 37.34 points or 0.2% from Tuesday. Nifty was at 4861.90, down 15.60 points or 0.4%.

The biggest Nifty gainers were Sterlite Industries, up 5%, Hindalco Industries, up 3%, and GAIL India, up 2%. Bank shares were mixed with SBI rising 1% and ICICI Bank down 1.3%. BSE realty and metal indices rose 1% each. Sun Pharmaceutical Industries, down 2.5%, extended losses from Tuesday and SAIL was down 2%.

In the mid trading session, indices extended their fall, down 1%, as investors booked profits after the 6% rise in the previous session. Weak European indices also weighed on the market. At 2.18PM, Sensex was at 16068.83, down 148.66 points or 0.9% from Tuesday. Nifty was at 4827.45, down 50.05 points or 1%. Reliance Industries fell 2% while ICICI Bank and State Bank of India were down 4% and 1%, respectively. NALCO, down 6%, was the worst hit on Nifty. Tata Motors recouped losses and was up 0.4% ahead of a formal announcement on acquisition of Land Rover and Jaguar brands expected later today. PNB, up 2%, was the top Nifty gainer.

Key share indices ended down 1% today as investor’s unwound positions ahead of futures and options contracts expiry Thursday. A weak trend in Asian and European equities kept the mood cautious here. Sensex ended at 16086.83, down 130.66 points or 0.8% from Tuesday. Nifty ended at 4828.85, down 48.65 points or 1%. The biggest Nifty gainer was Tata Steel, up 4%, followed by Idea Cellular, up 3.4%, and HDFC, up 2.8%. Among Nifty laggards were NALCO, down 5%, and HCL Technologies, down 4.5%. Banks and oil and gas shares were the biggest laggards. However, mid-cap and small-cap share bucked the weak trend and the BSE mid-cap and small-cap indices rose 1-2%.

Sector Activity :

Tech stocks showed up trend with exception: Infosys closed up Rs 1499.50 with volumes of Rs 220.08 crs, Satyam closed up at Rs 414.15 with volumes of Rs 59.41 crs, TCS closed up at Rs 878.35 with volumes of Rs 47.62 crs, and Wipro closed down at Rs 428.70 with volumes of Rs 46.17 crs.

Pharma stocks witnessed negativity with exception: Orchid Chemical closed up at Rs 123.80 with volumes of Rs 77.14 crs, Sun Pharma closed down at Rs 1210.30 with volumes of Rs 61.72 crs, Ranbaxy closed down at Rs 449.15 with volumes of Rs 36.37 crs, and Dr Reddy closed down at Rs 575.30 with volumes of Rs 20.57 crs.

Banking stocks closed mixed: In the Public Sector SBI Bank closed down at Rs 1713.70 with volumes Rs 142.94 crs & Bank Of India closed up at Rs 267.25 with volumes Rs 56.77 crs. In the Private sector ICICI Bank closed down at Rs 843.95 with volume of Rs 361.41 crs & HDFC Bank closed up at Rs 1439.20 with volumes of Rs 177.09 crs.

Auto Stocks ended mixed: Tata Motors closed down at Rs 678.75 with volumes of Rs 119.84 crs & M&M closed down at Rs 679.55 with volumes of Rs 23.40 crs. While in the 2 wheeler segment stocks, Hero Honda closed up at Rs 679.60 with volumes of Rs 26.63 crs, Bajaj Holding closed up at Rs 650.30 with volumes of Rs 11.29 crs.

Cement Stocks showed mixed activity: ACC closed up at Rs 817.45 with volumes of Rs 30.45 crs, India Cement closed up at Rs 194.20 with volumes of Rs 18.61 crs, Ambuja Cement closed down at Rs 122.55 with volumes of Rs 10.58 crs and Madras Cement closed down at Rs 3175 with volumes of Rs 1.36 crs.

Nifty ended at 4829 down by 49 points

Click here for A critical daily report from the Dealing Desk of the KRC Broking Division that provides our Investor Client with post-market analysis of the day with an action guide charted for the next day of trading. Good Evening KRC presents the technical viewpoint on the market and stocks and has been indexed into the following segments:
* Earning Idea: Technical calls for short term.
* Market Actions: News specific calls with expected action.
* F & O trading call: Derivative strategy for the day.
* Index Trend: Expected movement of the Sensex with range guidance.

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