Markets opened down with a gap witnessed gradual upside momentum as the day progressed which led the indices to close near days high. On the sectoral front Capital Goods, Metal and IT led the rally whereas FMCG was the only sector which ended on the losing side. The Advance decline ratio was in favour of advancing counters (Advances = 1365/ Declines=1329).
Pattern Formation: On the Daily chart, we are witnessing a pattern that resembles Bullish Engulfing candlestick pattern. The said pattern would get activated once nifty starts trading above 4957 level.
Future Outlook: In view of the above pattern formation, it is evident that the momentum on the upside would continue only if nifty trades above the bullish engulfing pattern which is at 4957. Hence in coming trading session if nifty trades above 4957 level then only it is likely to test 5000 – 5050 level. On the downside, 4920 – 4868 may act as support for the day. Unless high of Bullish engulfing pattern is not crossed which is at 4957, one should adopt cautious approach towards the market.
Data Alert From Overseas -
• Europe Core CPI y-o-y at 2:30.
• US Industrial Production m-o-m at 6:45
• US Crude Oil Inventories at 8:00.
Domestic Sector News –
• BANKS: The government is consulting state-owned banks before finalising new licences to telecom companies winning spectrum in auctions to be held later this year to ensure the bids are
bankrolled easily.
• AVIATION: State-owned oil-marketing companies have cut the price of aviation turbine fuel by an average 284.84 rupees a kL in the four metropolitan cities.
• OIL & GAS: The oil ministry has written to the Prime Minister's Office seeking help for state-owned oil marketing companies, which have seen sharp deterioration in their debt-equity ratios
as oil import costs have shot up due to a fall in the rupee.
• PHARMACEUTICAL: The Foreign Investment Promotion Board may be allowed to clear stake purchases by foreign companies
Domestic Stock Specific News -
• Pranab says plan to introduce Direct Taxes Code Bill nextsession.
• Govt says probing Bharti on alleged money laundering, FXviolation.
• RBI says India Mar services exports $12.89 bln, imports $9.08bln.
• Glenmark arm gets US FDA OK for anti-epileptic lamotriginegeneric.
• Honda Motorcycle unveils 110cc mobike at 44,642 rupees, ex-Delhi.
• Govt says Mauritius so far unwilling on tax pact review; talks on.in Indian drugmakers.
International News -
• German gross domestic product grew a surprise 0.5% in the first quarter.
Today’s Result –
3IInfotech, Ashimasyn, Bajajfinsv, Bajfinance, Bbl, Dishtv, Indterrain, Jklakshmi, Sutlejtex, Wabcoindia, Zeelearn, Zeenews.
Results Announced on 15-05-2012 -
•MMTC Jan-Mar net profit 89.47 mln rupees vs 15.35 cr rupees(Y-o-Y).
• Karuturi Global Jan-Mar consol net profit 81.14 cr rupees vs 43.60 cr (Y-o-Y).
• Tulip Telecom Jan-Mar consol net profit 66.03 cr rupees vs 82.67 cr (Y-o-Y).
• Muthoot Finance Jan-Mar net profit 235.13 cr rupees vs 139.32 cr (Y-o-Y).
• Infinite Computer Jan-Mar net profit 20.70 cr rupees vs 30.24 cr (Y-o-Y).
• Cummins India Jan-Mar net profit 144.57 cr rupees vs 143.97 cr (Y-o-Y).
• Aditya Birla Nuvo Jan-Mar net profit 63.61 cr rupees vs 94.89 cr (Y-o-Y).
• Dishmen Pharma Jn-Mar consol net profit 31.29 cr vs 22.79 cr rupees (Y-o-Y).
• Shree Cement Jan-Mar net profit 114.27 cr rupees vs 65.73 cr (Y-o-Y).
• Atul Ltd Jan-Mar net profit 27.82 cr rupees vs 12.53 cr rupees (Y-o-Y).
• Indiainfoline Jan-Mar net profit 43.81 cr rupees vs 18.14 cr rupees (Y-o-Y).
EX- Dividend + Board Meeting -
EX- Dividend - Raymond.
Board Meeting (Purpose) - Edelweiss Capital (Dividend), Bajaj Finserv (Dividend), Hindustan Compo (Dividend), Sutlej Textiles (Dividend), Bajfinance (Dividend), IPCA Lab (General), Tonira Pharma (General) Bharat Bhushan Share (Dividend),Bharat Bijlee (Dividend), JK Lakshmi Cem (Dividend), Kennametal (Dividend), Zee News (Dividend), KJMC Global (General),ZF Steering ( Dividend).
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