Market Commentary  
 

Market Activity: Key share indices were up over 1% on firm cues from overseas markets.

At 10.14AM, Sensex was at 16448.48, up 204.29 or 1.2% from Wednesday’s close. Nifty was at 4938.35, up 51.05 points or 1.1%.

Technology and bank shares led gains, with Satyam Computer Services up 3.5%, top Nifty gainer. HDFC Bank and ICICI Bank were up 2% and 1%, respectively. Mindtree Consulting surged 15% after it Wednesday declared a bullish earnings outlook for 2008-09 (Apr-Mar). Orchid Chemicals & Pharmaceuticals fell 1% on profit sales after having risen 39% in the past three sessions, Hero Honda Motors, down 1%, was the sole laggard on Nifty.

In the mid trading session, indices stayed firm, up around 2%, after inflation rate for week to Apr 5 fell for the first time in eight weeks to 7.14% from 7.41% the previous week. The fall in inflation rate was largely in line with market expectations. At 12.30 PM, Sensex was at 16534.63, up 290.44 points or 1.8%. Nifty was at 4970.55, up 83.55 points or 1.7%. Bank and real estate shares held on to gains after the inflation data, while technology shares were the top gainers on Nifty. Infosys Technologies gained 5%, while DLF and ICICI Bank were up 2% each. Power Grid jumped 5% after reporting 2008-09(Apr-Mar) provisional net profit of Rs 14.2 bn, up 15% from 2006-07. GAIL and Ranbaxy Laboratories, down 1% each, were the worst hit on Nifty.

Key share indices ended over 1% up, led by gains in information technology, bank, and metal shares. Sensex ended at 16479.55, up 237.01 points or 1.5% from Wednesday. Nifty closed at 4958.40, up 71.10 points or 1.5%. Bank shares gained as lower-than-expected inflation at 7.14% for the week to Apr 5 eased concerns over a possible hike in cash reserve ratio by RBI on Apr 29. HDFC Bank, up 8%, was top Nifty gainer. SAIL and Tata Steel ended over 4% up each, while Infosys Technologies rose over 3%. GAIL and Zee Entertainment Enterprises fell 2% each, Hindustan Unilever, down 4%, was worst-hit among Nifty stocks.

Exchange Traded Volumes

Sector Activity :

Tech stocks showed buying opportunity: Infosys closed up Rs 1659.10 with volumes of Rs 765.66 crs, Satyam closed up at Rs 468.90 with volumes of Rs 194.08 crs, TCS closed up at Rs 1000.90 with volumes of Rs 99.71 crs, and Wipro closed up at Rs 459.25 with volumes of Rs 89.71 crs.

Pharma stocks ended mixed: Orchid Chemical closed down at Rs 280 with volumes of Rs 1144.91 crs, Ranbaxy closed down at Rs 480.60 with volumes of Rs 89.06 crs, Cipla closed up at Rs 222.10 with volumes of Rs 22.52 crs, and Sun Pharma closed up at Rs 1269.15 with volumes of Rs 16 crs.

Banking stocks hogged the limelight: In the Public Sector SBI Bank closed up at Rs 1683.25 with volumes Rs 200.83 crs & Bank of India closed up at Rs 321.15 with volumes Rs 72.60 crs. In the Private sector ICICI Bank closed up at Rs 836.75 with volume of Rs 357.33 crs & HDFC Bank closed up at Rs 1401.20 with volumes of Rs 248.50 crs.

Auto Stocks showed positive trend with exception: Tata Motors closed up at Rs 617.45 with volumes of Rs 42.26 crs & M&M closed up at Rs 642.20 with volumes of Rs 21.39 crs. While in the 2 wheeler segment stocks, Hero Honda closed down at Rs 741.35 with volumes of Rs 15.50 crs, Bajaj Holding closed up at Rs 708.75 with volumes of Rs 6.68 crs.

Cement Stocks witnessed down trend with exception: Ambuja Cement closed up at Rs 113.10 with volumes of Rs 74.52 crs, India Cem closed up at Rs 179.95 with volumes of Rs 23.33 crs, ACC closed down at Rs 800.35 with volumes of Rs 12.92 crs and Birla Jute closed up at Rs 201.70 with volumes of Rs 3.33 crs.     

Nifty ended at 4958 up by 71 points

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