Market Commentary

Market Activity: Key shares were up 1% at open on firm cues from overseas markets. At 10.13AM, Sensex was at 15805.77, up 161.33 points, or 1%, from Monday. Nifty was at 4773.50, up 39.00 points, or 0.8% after briefly slipping into red. However, some heavyweights like Tata Steel and Bharti Airtel declined around 2% each in choppy trade. Bharat Heavy Electricals, down nearly 2.5%, was the worst hit on Nifty. Cairn India, up 2%, was the top Nifty gainer, while Hero Honda Motors rose nearly 2% after its two-wheeler sales rose 15% on year in March.

In the mid trading session, The market extended gains in afternoon trade as buying continued in index pivotals. After opening on a firm note, market had lost ground by early afternoon trade only to recover helped recovery in index heavyweights Reliance Industries (RIL) and ICICI Bank. Trading was choppy. The market breadth was strong. 20 shares from the 30-member Sensex pack advanced.

 Positive cues from Asian and European markets propelled the market higher today. The rally raised hopes that the market might have bottomed out after a recent steep fall. The market today shrugged off a surge in inflation and overnight slide in US stocks. Capital goods stocks soared at the fag end of the session, followed by metal and IT stocks.  

Sector Activity : 

Tech stocks showed down trend with exception: Infosys closed down Rs 1423.05 with volumes of Rs 112.73 crs, Satyam closed up at Rs 398.90 with volumes of Rs 100.21 crs, Educomp closed down at Rs 3624 with volumes of Rs 791 crs, and Wipro closed down at Rs 409.40 with volumes of Rs 711.11 crs. 

Pharma stocks closed up with exception: Sun pharma closed down at Rs 1199.95 with volumes of Rs 50.23 crs, Ranbaxy closed up at Rs 446.05 with volumes of Rs 16.40 crs, Dr.Reddy closed up at Rs 592.80 with volumes of Rs13.63crs, and Cipla closed up at Rs 220.30 with volumes of Rs 12.85 crs.Banking stocks closed mixed: In the Public Sector SBI Bank up down at Rs 1623.20 with volumes Rs 146.13 crs & Bank Of India closed up at Rs 264.10 with volumes Rs 53.17 crs. In the Private sector ICICI Bank closed down at Rs 757.75 with volume of Rs 357.90 crs & AXIS Bank closed down at Rs 721.65 with volumes of Rs 122.94 crs.

Auto Stocks closed mixed: M&M closed down at Rs 650.40 with volumes of Rs 53.39 crs & TATA Motors closed up at Rs 628.20 with volumes of Rs 39.18 crs. While in the 2 wheeler segment stocks, Bajaj Holding closed down at Rs 656.85 with volumes of Rs 73.15 crs, Hero Honda closed up at Rs 704.05 with volumes of Rs 18.94 crs.

Cement Stocks closed down with exception: ACC closed down at Rs 824.70 with volumes of Rs 21.16 crs, Indiacem closed down at Rs 186 with volumes of Rs 10.07 crs, Ambuja Cement closed down at Rs 120.55 with volumes of Rs 9.86 crs and Birla jute closed up at Rs 199.10 with volumes of Rs 3.69 crs.           

Nifty ended at 4735 down by 208 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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