27-04-2012

Markets opened on a flat note traded in a narrow range throughout the day to close marginally in red. On the sectoral front Power, Realty, and Auto were on the losing side whereas IT and FMCG closed with marginal gains. The Advance decline ratio was in favour of  declining counters (Advances = 967/ Declines=1137).

Pattern Formation: On the Daily chart, for the third consecutive trading session we are witnessing a narrow range body formation which indicates cautious approach at current level.

Future Outlook:  Broadly, we are witnessing a sideways movement and there is no clear trend emerging on the daily chart. Hence in coming trading session if nifty for the first hour trades and close above  5220 level then it may test 5250 – 5280 levels. On the downside, we maintain our stance that the 200-day SMA(5132level) remains crucial support level, if breached on closing basis then further weakness to 5050 could be possible in couple of trading sessions. One should adopt cautious approach towards the market.

Data Alert From India –              Not Available

Data Alert From Overseas  –

• Bank of Japan Press Conference.

• French Consumer Spending m-o-m at 12:15.

• US Advance GDP q-o-q.

Domestic Sector News –

• BANKING: The Cabinet has given its nod to The Banking Laws (Amendment) Bill, 2011. The bill envisages raising cap on voting rights in private banks to 26% for a single entity from 10% at present.

• ENERGY: India and Turkmenistan have agreed on pricing of gas that will be imported via the Turkmenistan-AfghanistanPakistan-India pipeline.

• MEDIA: The government may consider to raise foreign direct investment cap to 74% from 49% for cable operator companies and direct to home companies.

• POWER: The government may re-introduce incentives for the wind energy sector to ally concerns over capacity addition during 2012-13. The government had withdrawn two key incentives from Apr 1.

Domestic Stock Specific News  -

• Cabinet minister says no plan to deregulate diesel prices.

• Industry secy says consultations on FDI in aviation still on.

• CMD says NMDC aims to nearly double iron ore output by FY15.

• Gujarat Gas signs agreement with GSPC Gas for assets exchange.

• Gujarat Fluorochemicals, Nahar Ind get carbon credits from UN body.

• Strides buys S India sterile formulations unit for 1.25 bln rupee.

• Hinduja group's Gulf Oil Corp begins development of Bengaluru SEZ.

• Inox Leisure to convert all its cinemas to digital projection.

International News -

• In the week ending April 21, the advance figure for seasonally adjusted initial claims was 388,000, a decrease of 1,000 from the previous week's revised figure of 389,000.

Today’s Result –

Axisbank, Deltacorp, Digjam, HCC, Hexaware, ICICIBank, Indiabulls, Jindalstel, Kajariacer, Kalindee, Ksbpumps, Lancoin, Mahapexltd, Mahlife, Quintegra, Rpglife, Rsystems, SBT, Siemens, Tcpltd, Thinksoft, Thomascook.

Results Announced Yesterday ( Date 26-04-2012 ) –

•Kirloskar Oil  Jan-Mar net profit  56.61 cr rupees vs 47.61 cr rupees (YoY).

• Bata India  Jan-Mar net profit  35.99 cr rupees vs 109.3 cr rupees (YoY).

• Oil Country  Jan-Mar net profit  13.39 cr rupees vs 13.39 cr rupees (YoY).

• L&T Finance Holdings Jan-Mar net profit  59.9 cr rupees vs 82.7 cr rupees (YoY).

• MRF Jan-Mar net profit  150.1 cr rupees vs 89.8 cr rupees (YoY).

• Strides Arcolab Jan-Mar consol net profit 642.07 cr rupees vs 40.70 cr rupees (YoY).

• Vakrangee Soft Jan-Mar net profit  19.81 cr rupees vs 13.89 cr rupees (YoY).

• IDEA Jan-Mar net profit  238.98 cr rupees vs 274.52 cr rupees (YoY).

• Gujarat Gas Co  Jan-Mar net profit  65.17 cr rupees vs 72.36 cr rupees (YoY).

• Vesuvius  India Jan-Mar net profit  11.56 cr rupees vs 13.03 cr rupees (YoY).

Board Meeting (Purpose) – Ador Fontech (Dividend), Hindustan Const (Dividend), Ador Multi (Dividend), ICICI Bank (Dividend), Indiabulls Fin (Dividend), RPG Life (Dividend),  Int Trvl House  (Dividend), Jindal Steel (Dividend), Axis Bank (Dividend), Kajaria Cerm (Dividend), Chowgule Steam (Dividend), Kirloskar Ferro (Dividend), Stanrose Mafat (Dividend), Cinerad Comm (General), State Bank Trav (Dividend), Delta Corp(Dividend), Swadeshi Inds (General), THINKSOFT (Dividend), Mahindra Lifesp (Dividend), Gujarat Hotels ( Dividend), Hexaware Tech ( Dividend).