26-04-2012

Future Outlook:   In view of the two consecutive narrow range body  formations it is evident that there is no clear trend emerging. In coming trading session if nifty trades convincingly above 5240 level then only we  may witness upside up to 5300 level. On the downside, the 200day SMA (5132level) remains crucial support  level, if breached on closing basis then further weakness to 5050 could be possible in couple of trading sessions.  We reiterate our view that traders are advised to maintain a cautious approach towards the market.

FII & DII activity -on 25-04-2012 – FII net sellers in index future to the amount of Rs 314.83 cr , in index options net buyers to the amount of Rs 369.11 Cr, in stock futures net buyers to the amount of Rs 218.53 Cr & in stock options net buyers to the amount of Rs 17.82 Cr. Overall FIIs were net buyers by Rs 290.63 Cr.

Capital Market Segment – FII trading activity net sellers of Rs 340.84 Cr & DII trading activity net buyers of Rs 40.70 Cr.

Data Alert From Overseas  –

• German Prelim CPI m-o-m

• US Unemployment Claims at 6:00 pm and Pending Home Sales m-o-m at 7:30.

Domestic Sector News –

• BANKING: Standard & Poor's has lowered the outlook to negative on ratings of 11 financial institutions including STATE  BANK OF INDIA, ICICI BANK and HDFC BANK.

• MINING: Mines Ministry has rejected Odisha's request for mineral rent resource tax on supernormal profits made by iron ore companies.

• PHARMACEUTICAL: Kenyan high court's ruling to amend anticounterfeit act for enhancing access to cheaper drugs is likely to boost Indian generics exports.

• POWER: The government has invoked the special power under the Electricity Act and has directed the entral state regulators  to allow industrial consumers to buy cheaper power from the open market.

Domestic Stock Specific News  -

• S&P cuts India long-term rtg outlook citing concern over fisc, debt.

• IIFCL head says got provisional SEBI OK for setting up infra debt fund.

• GMR Infra says aeronautical charges hike at Delhi airport below view.

• Orchid Chem, Torrent, Aurobindo get US FDA OK for Zyprexa  generic.

• Federal Bank cuts Base Rate by 20 bps to 10.45% from May 2.

• CFO says Zenith Birla to set up 8-20 inch diameter pipes facility.

• Govt sources say today's EGoM meeting on sugar exports deferred.

Today’s Result –

Adorweld , Ajantpharm , Astramicro , ATFL, Bataindia, Biocon, Cholafin, Clnindia, Everestind, Gujratgas, IDEA, Kirloseng, Kirlosind, L&Tfh, Magma, MRF, Oilcountub, Sasken, Star, Strtech, Vakransoft, Vesuvius, Wendt, Xproindia

Results Announced Yesterday ( Date 24-04-2012 ) –

• Wipro  Jan-Mar net profit  1480.9 cr rupees vs 1375.4 cr rupees (YoY).

• Mah Holiday Jan-Mar net profit 37.22 cr rupees vs 40.17 cr rupees (YoY).

• LicHsg  Jan-Mar net profit 253.6 cr rupees vs 314.7 cr rupees (YoY).

• Jindalswhl  Jan-Mar net profit 2.65 cr rupees vs 1.86 cr rupees (YoY).

• Yesbank Jan-Mar net profit 271.8 cr rupees vs 203.3 cr rupees (YoY).

• Alembic Pharma Jan-Mar net profit 20.31 cr rupees vs 10.28 cr rupees (YoY).

• Bharat Ele Jan-Mar net profit 333.8 cr rupees vs 448.2 cr rupees (YoY).

• EID Parry India Jan-Mar consol net profit 137.90 cr rupees vs 112.25 cr rupees (YoY).

• Sterlite Ind Jan-Mar net profit 1277 cr rupees vs 1925 cr rupees (YoY).

• Raymond Jan-Mar consol net profit 3.17 cr rupees vs 29.51 cr rupees (YoY).

EX- Dividend  + Board Meeting –

EX- Dividend – MCX, Sundaram Clayton.

Board Meeting (Purpose) – Ajanta Pharma  (Dividend, Stock Split), Astra Micro (Dividend), CHOLAFIN (Dividend), Everest Inds (Dividend), KIRL INDUS (Dividend), Kirloskar Oil Engines (Dividend), L&T Finance Holdings (Dividend), Magma Fin (Dividend), Mahindra Compo (Dividend), Oil Country Tub (Dividend), Sasken Comm (Dividend), Sterlite Tech (Dividend), Vakrangee Soft (Dividend),  Wendt India (Dividend), XPRO India (Dividend).

Sector wise News:

BANKING: Standard & Poor's has lowered the outlook to negative on ratings of 11 financial institutions including STATE BANK OF INDIA, ICICI BANK and HDFC BANK.

• MINING: Mines Ministry has rejected Odisha's request for mineral rent resource tax on supernormal profits made by iron ore companies.

• PHARMACEUTICAL: Kenyan high court's ruling to amend anti-counterfeit act for enhancing access to cheaper drugs is likely to boost Indian generics exports.

• POWER: The government has invoked the special power under the Electricity Act and has directed the central state regulators to allow industrial consumers to buy cheaper power from the open market.