FIRST LIGHT HEADINGS
Hero Honda Motors posts a decline of 14% in its net profit of FY11
Ruttonsha International Rectifier awarded 'Export House' status
IRB Infra builds on bagging Ahmedabad Vadodara BOT project from NHAI
RPP Infra reports stellar Q4 numbers
Punjab National Bank reports 6% rise in its Q4 net profit
TTK Prestige reports 30% rise in its Q4 net profit
SPARC gets USFDA approval for DOCEFREZ
Ruttonsha International Rectifier awarded 'Export House' status
IRB Infra builds on bagging Ahmedabad Vadodara BOT project from NHAI
RPP Infra reports stellar Q4 numbers
Punjab National Bank reports 6% rise in its Q4 net profit
TTK Prestige reports 30% rise in its Q4 net profit
SPARC gets USFDA approval for DOCEFREZ
MARKET INSIGHT
On Wednesday 04 May 2011,It was a rangebound day of trade for the domestic markets after witnessing a sharp drubbing in the past session. The global cues were not very supportive as the US markets closed flat with a negative bias while the Asian markets made a weak start with some indices witnessing large cuts in early trades. The benchmarks after a soft start early in the day plunged to touch their low points of the day in the very first hour of trade and it seemed that the Reserve Bank's policy rate hike decision will keep haunting the markets for yet another day, but the fall in last session was so sharp that some recovery was expected, at least some sort of consolidation, hence the market recovered from the lows of the trade and remained range bound for most part of the day. The rate sensitive gauges, barring banking remained in somber mood throughout the day and the rate hike worries was clearly visible on them. Government along with RBI has been struggling to keep inflation under control and with the RBI's hawkish stance it is being speculated that central bank will go to a greater extent to tighten the monetary policy in the future. The one sectoral gauge that remained in limelight and helped the markets from slipping further was oil & gas, there were slew of reason for the sector to show upmove, while the Reserve Bank of India called for an immediate hike in petrol and diesel prices, even if it adds to inflationary pressure and moderates economic growth,
The market breadth on the BSE ended weak; advances and declining stocks were in a ratio of 1151:1641 while 135 scrips remained unchanged. The BSE Sensex declined by 74.07 points or 0.40% and settled at 18,460.62. The index touched a high and a low of 18,604.36 and 18,339.53 respectively. 12 stocks advanced against 18 declining ones on the index. The BSE Mid-cap and Small-cap indices were down by 0.43% and 0.56% respectively. (Provisional)
On the BSE Sectoral front, Oil & Gas up 1.35%, PSU up 0.78%, Consumer Durables up 0.57%, FMCG up 0.36% and Bankex up 0.13% were the only gainers. On the flip side IT down 1.28%, Teck down 1.27%, Metal down 1.18%, Auto down 1.02% and Health Care down 1.00% were the top losers.
India VIX, a gauge for market's short term expectation of volatility lost 1.85% at 21.18 from its previous close of 21.58 on Tuesday. The S&P CNX Nifty lost 27.95 points or 0.50% to settle at 5,537.30. The index touched high and low of 5,578.80 and 5,503.00, respectively. 20 stocks advanced against 30 declining ones on the index. (Provisional).
Most of the Asian equity indices finished the day's trade in the negative terrain on Wednesday on the back of fall in global commodities prices which weighed on energy and material sector stocks. Chinese benchmark index lost more than two percent as investors remained cautious on jitters that monetary policy tightening put in place since October will persist. Moreover, Seoul Composite declined about a percent on sharp falls in shipyards and technology issues, including Daewoo Shipbuilding & Marine Engineering and Samsung Electronics.
Read more about Equity Research Morning Report By Mansukh.
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