Market Commentary

Market Activity: Share indices were up around 0.5% but off the 1% high hit at open. Trade was choppy on expiry of April futures contract. Firm overnight close in the U.S. market helped sentiment, but key Asian markets were trading off highs today. 

At 10.10AM, Sensex was at 16785.80, up 87.76 points or 0.5%. Nifty was at 5048.75, up 24.60 points or 0.5%. 

SAIL was up 2% on value buying after falling 6% in the previous session. Telecom shares were top gainers on Nifty. Bharti Airtel and Idea Cellular rose 2% each. Housing Development Finance Corp, up 2%, was the other major gainer. Hindalco Industries and Tata Steel fell 1% each, and were the worst hit on Nifty. ACC was also down 1% ahead of its Jan-Mar earnings. 

In the mid trading session, indices were trading off highs, with Nifty erasing gains, weighed down by weakness in European markets. At 1.59PM, Sensex was at 16718.05, up 20.01 points, or 0.1%, after briefly slipping into red. Nifty was at 5013.80, down 8.90 points, or 0.2%. Most bank shares were up, with HDFC Bank rising 1% ahead of its Jan-Mar earnings due later today. Tata Power, up nearly 3%, was the top Nifty gainer. Maruti Suzuki India, down 3%, was the worst hit on Nifty, after its Jan-Mar net profit fell much below estimates. ACC shares were down 2%, after moving slightly off lows, as it announced a Jan-Mar net profit of Rs 3.57 bn, above analysts’ estimates of Rs 3.06 bn. 

Nifty ended below the 5000-mark for the first time in four sessions, down 0.5%. Sensex closed flat. The session was volatile on expiry of April futures.  Sensex was at 16721.08, up 23.04 points. Nifty closed at 4999.85, down 22.95 points. ACC ended down 6% after its Jan-Mar earnings, while NALCO and Sterlite Industries closed nearly 4% lower each. Hero Honda, up 4%, was the top Nifty gainer ahead of its Jan-Mar earnings. Tata Power gained nearly 3% and Infosys Technologies was up over 2%. 

Exchange Traded Volumes

 Sector Activity : 

Tech stocks ended up: Infosys closed up Rs 1696.05 with volumes of Rs 384.70 crs, Satyam closed up at Rs 439.75 with volumes of Rs 377.13 crs, TCS closed up at Rs 890.75 with volumes of Rs 337.04 crs, and Educomp closed up at Rs 4027.30 with volumes of Rs 120.78 crs.

Pharma stocks showed negative trend: Sun Pharma closed down at Rs 1349.25 with volumes of Rs 135.54 crs, Orchid Chemical closed down at Rs 245.35 with volumes of Rs 116.68 crs, Ranbaxy closed down at Rs 474.85 with volumes of Rs 67.28 crs, and Cipla closed down at Rs 226.60 with volumes of Rs 24.91 crs.

Banking stocks closed mixed trend: In the Public Sector SBI Bank closed down at Rs 1681.70 with volumes Rs 130.94 crs & Bank of India closed up at Rs 342.45 with volumes Rs 112.47 crs. In the Private sector ICICI Bank closed up at Rs 878.80 with volume of Rs 339.42 crs & HDFC Bank closed down at Rs 1442.60 with volumes of Rs 176.06 crs.

Auto Stocks witnessed positive trend with exception: Tata Motors closed up at Rs 641.10 with volumes of Rs 59.92 crs & M&M closed up at Rs 630.45 with volumes of Rs 57.40 crs. While in the 2 wheeler segment stocks, Hero Honda closed up at Rs 772.90 with volumes of Rs 14.46 crs, TVS Motors closed down at Rs 38.05 with volumes of Rs 12.38 crs.

Cement Stocks showed negative activity with exception: ACC closed down at Rs 799 with volumes of Rs 97.32 crs, India Cement closed down at Rs 179.70 with volumes of Rs 30.17 crs, Ambuja Cement closed up at Rs 115.25 with volumes of Rs 17.98 crs and Birla Jute closed down at Rs 211.95 with volumes of Rs 3.82 crs.                        

Nifty ended at 5000 down by 23 points

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