Wednesday, April 20, 2011

Equity Research Report Morning Note By Mansukh 21st-April-2011

Equity Research Report
HCL Infosystems secures Rs 138 crore worth of contract
Amrutanjan Health Care forays into Pain Management
Madhucon Projects SPV bags contract worth Rs 133.20 crore from NHAI
Areva T&D surges on bagging two eBOP contracts from Essar Projects
IDBI Bank gets RBI nod to undertake primary dealer business
Rubber production up 7% in March
Jindal Steel & Power launches on-market cash offer to acquire Rocklands Richfield

On Wednesday 20 April 2011, Indian equity markets made a firm closing as sentiments turned bullish after buying activity picked up in global equities and the investor's covered up their short positionsThe session rally mainly was the contribution of the stocks from financials, IT, auto and metal sectors. Surge of Financials such as ING Vyasya Bank and Yes Bank had rub off effect over financial stock as the Private sector lender-- Yes Bank --surged over 2% on reporting better than expected numbers. The Bank registered growth of 45.24% in its net profit for the quarter ending on March 31, 2011 at Rs 203.38 crore against Rs 140.03 crore for the quarter ending on March 31, 2010, while, for year, the bank's net profit zoomed by 52.20% at Rs 727.13 crore. The cheer was also led by the numbers of global IT services provider--HCL Technologies --which boosted the beaten down IT Space. The software giant surged over 7% posting a growth of 26.38% in its net profit for the quarter ended March 2011. Meanwhile, metal producers such as Tata Steel, Sterlite Industries and Hindalco Industries added zeal in the market, tracing firm international base metal prices after upbeat US housing starts data on Tuesday. Nevertheless, Auto stocks too contributed to the market gains as the forecast of normal monsoon acted as a booster for the auto industry, as good rains not only push sales of farm vehicles like tractors and threshers but also for passenger vehicles since farm incomes would grow strongly with moderate rains.

The Bombay stock exchange Sensex shot up by 355.75 points or 1.86% and settled at 19,477.58.The index touched a high and a low of 19,484.77 and 19,171.03 respectively. 18 stocks advanced against 12 declining one's on the index. The BSE Mid-cap and Small-cap indices went home with huge gains of 1.14% and 1.26%, respectively. On the BSE Sectoral front, Auto up 2.59%, Metal up 2.49%, IT up 2.30%, Consumer Durables up 2.29% and Teck up 1.88% were the top gainers, while there were no losers. The market breadth on the BSE ended strong; advances piped the declining stocks in a ratio of 1803:1074 while 129 scrips remained unchanged.

India VIX, a gauge for market's short term expectation of volatility lost 4.89%,at 20.99 from its previous close of 22.07 on Tuesday. The S&P CNX Nifty zoomed 111.50 points or 1.94% to settle at 5,852.25. The index touched high and low of 5,857.35 and 5,759.65, respectively. 49 stocks advanced against 1 declining one on the index. (Provisional)

All the Asian equity indices finished the day's trade in the positive terrain on Wednesday taking cues from Wall Street which made a strong rebound overnight as US housing starts gained and earnings beat estimates at companies including Johnson & Johnson, signaling the world's biggest economy is recovering. Meanwhile, the Bank of Thailand has raised its benchmark rate for a fourth straight meeting today, continuing its normalization efforts as inflationary pressure builds, however, Taiwan Weighted surged more than two percent in the trade. Other indices like Hang Seng, Jakarta Composite and Nikkei closed with a gain of more than one percent while.

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