Market Commentary  

Market Activity: Indices were down around 0.2% tracking the fall in overseas markets, but off the 1% low hit at the open. 

At 10.10AM, Sensex was at 16710.47, down 28.86 points or 0.2%. Nifty was at 5030.75, down 6.40 points or 0.1%.  

Reliance Industries was flat compared with 1% decline earlier. The company Monday reported Jan-Mar net profit of Rs 39.1 bn in line with market estimates. TCS was down over 7% as the company’s Jan-Mar net profit was below market expectations. The stock was the worst hit on Nifty. Satyam Computer Services fell 4%, while Wipro was down 3%. Kiri Dyes and Chemicals listed at Rs 184 on NSE, against an issue price of Rs 150. The stock was trading at Rs 190. 

In the mid trading session, indices rose slightly, as key European markets were coming off lows. Earlier market was down 1% on weak Asian cues. Trade was choppy as investors rolled over positions ahead of expiry of the April futures contract Thursday. At 1.10PM, Sensex was at 16780.04, up 40.71 points, or 0.3%. Nifty was at 5052.50, up 15.60 points, or 0.3%. NALCO and Unitech, up 4% each, were top Nifty gainers. DLF, Zee Entertainment Enterprises, and BHEL gained 3% each. The small and midcap indices were, however, still holding on to marginal gains. Coromandel Fertilizers was up over 5% on Jan-Mar earnings. Technology shares extended fall from earlier in the session. Tata Consultancy Services was down 10% as Jan-Mar earnings were below estimates. HCL Technologies and Satyam Computer Services were down around 5% each.  

Indices ended up around 0.3%, but off the 1% low hit earlier in the session. Sentiment was aided as key European markets recouped losses made in early trades. Sensex provisionally ended at 16783.87, up 44.54 points. Nifty closed at 5049.30, up 12.30 points. Technology shares were the worst hit on Nifty as investors took profits after Tata Consultancy Services Monday reported below-expected Jan-Mar earnings. Tata Consultancy Services, down 11%, was the worst hit on Nifty. Satyam Computer Services and HCL Technologies were up around 5% each. BHEL, up 6%, Unitech, and Idea Cellular, up 5% each, were other major Nifty gainers. Debutante Kiri Dyes and Chemicals ended at Rs 157 after listing at Rs 184 against an issue of Rs 150.      

Exchange Traded Volumes

Sector Activity : 

Tech stocks ended down with exception: Infosys closed down Rs 1598.60 with volumes of Rs 335.60 crs, TCS closed down at Rs 887.20 with volumes of Rs 312.02 crs, Satyam closed down at Rs 435.65 with volumes of Rs 234.38 crs, and Educomp closed up at Rs 4129.85 with volumes of Rs 74.36 crs.

Pharma stocks showed mixed trend: Orchid Chemical closed down at Rs 248.80 with volumes of Rs 661.85 crs, Ranbaxy closed down at Rs 487.55 with volumes of Rs 175.61 crs, Sun Pharma closed up at Rs 1369.80 with volumes of Rs 64.83 crs, and Cipla closed up at Rs 231.45 with volumes of Rs 34.43 crs.

Banking stocks witnessed mixed activity: In the Public Sector SBI Bank closed down at Rs 1732.45 with volumes Rs 96.52 crs & Bank of India closed down at Rs 332.50 with volumes Rs 34.35 crs. In the Private sector ICICI Bank closed up at Rs 882.30 with volume of Rs 358.74 crs & Axis Bank closed up at Rs 909 with volumes of Rs 176.85 crs.

Auto Stocks ended mixed: M&M closed down at Rs 629.15 with volumes of Rs 52.13 crs & Tata Motors closed up at Rs 632.80 with volumes of Rs 32.47 crs. While in the 2 wheeler segment stocks, Hero Honda closed up at Rs 747.70 with volumes of Rs 4.44 crs, Bajaj Holding closed down at Rs 682.55 with volumes of Rs 3.72 crs.

Cement Stocks showed buying opportunity: ACC closed up at Rs 822.55 with volumes of Rs 31.47 crs, India Cement closed up at Rs 193.30 with volumes of Rs 28.01 crs, Ambuja Cement closed up at Rs 114.90 with volumes of Rs 7.16 crs and Birla Jute closed up at Rs 211.30 with volumes of Rs 3.76 crs.               

Nifty ended at 5049 up by 12 points

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