Market Commentary

Market Activity:
Key share indices were down around nearly 1% amid choppy trade as key Asian markets reversed gains made earlier in the session.

U.S.market ended down Tuesday on disappointing earnings and as minutes from U.S. Federal Reserve’s last policy meets heightened fears of a recession.

At 10.10AM, Sensex was at 15527.16, down 60.46 points or 0.4%. Nifty was at 4682.90, down 27.35 points or 0.6%.

Tata Communications was up 2% after falling 11.5% in the previous session on news a Hague court ruled in favour of Reliance Communications overseas arm. Ranbaxy Laboratories and L&T gained 1% each. Sterlite Industries and Satyam Computer  Services, down 2% each, were the worst hit on Nifty.

In the mid- session, market was choppy and indices swung between negative and positive territories on lack of clear direction. Investors were waiting for Jan-Mar earnings to provide momentum to market. Fall in key Asian and European markets also kept sentiment subdued.

At 1.43PM, Sensex was at 15620.77, up 33.15 points or 0.2%. Nifty was at 4708.40, down 1.25 points. Short covering lifted shares of capital goods and engineering companies. Bharat Heavy Electricals and Siemens gained around 3% each. Hindustan Unilever and Unitech, down 3% each, were major Nifty laggards.

Surge in shares of  financial, power, and capital goods  companies lifted key indices over 1%. The gains in these shares could be attributed to short covering. Sensex provisionally closed at 15790.51, up 202.89 points or 1.3%.
Nifty closed at 4747.05, up 37.40 points or 0.8%. HDFC Bank gained 6% and Housing Development Finance Corp
was up 5%. Unitech and Dr Reddy’s Laboratories, down 2% each, were the worst hit. Shares of FMCG companies also saw selling. Hindustan Unilever was down 2% and ITC fell 1%.

Exchange Traded Volumes

Sector Activity :

Tech stocks witnessed down trend with exception:
Infosys closed up Rs 1479.95 with volumes of Rs 166.66 crs, Satyam closed down at Rs 427.20 with volumes of Rs 52.35 crs, TCS closed down at Rs 876.25 with volumes of Rs 32.51 crs, and TechM closed down at Rs 805.80 with volumes of Rs 45.18 crs.

Pharma stocks showed down trend with exception:
Orchid Chemical closed down at Rs 232.35 with volumes of Rs 1048.11 crs, Ranbaxy closed up at Rs 472.45 with volumes of Rs 57.80 crs, Glenmark closed up at Rs 526.65 with volumes of Rs 13.32 crs, and Sun Pharma closed up at Rs 1276.80 with volumes of Rs 42.40 crs.

Banking stocks hogged the limelight:

In the Public Sector SBI Bank up at Rs 1693.55 with volumes Rs 115.49 crs & Bank of India closed up at Rs 309.35 with volumes Rs 50.92 crs. In the Private sector ICICI Bank closed up at Rs 836.60 with volume of Rs 262.76 crs & Kotak Bank closed up at Rs 670.20 with volumes of Rs 76.65 crs.

Auto Stocks ended up with exception:

M&M closed up at Rs 608.90 with volumes of Rs 39.76 crs & Ashok Leyland closed up at Rs 38.25 with volumes of Rs 29.77 crs. While in the 2 wheeler segment stocks, Hero Honda closed up at Rs 745.20 with volumes of Rs 11.02 crs, Bajaj Auto closed down at Rs 309 with volumes of Rs 1.3 crs.

Cement Stocks showed positivity with exception:

ACC closed down at Rs 820.15 with volumes of Rs 25.09 crs, Ambuja Cem closed up at Rs 120.10 with volumes of Rs 32.02 crs, India Cement closed up at Rs 184.90 with volumes of Rs 17.06 crs and Prism Cement closed up at Rs 41.80 with volumes of Rs 7.8 crs.

Nifty ended at 4747 up by 37 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.

Kisan Ratilal Choksey Shares and
Securities Pvt. Ltd.
1102, Stock Exchange Tower, Dalal Street, Mumbai 400 001
Phone:91-22-56338050 / 66965555. Fax: 5633 8060
Members: BSE & NSE
www.krchoksey.com
Email: customercare@krchoksey.com
/ eservices@krchoksey.com