Mid Session Market Analysis for Apr 05, 2011

On Tuesday, the Indian benchmarks fell and were moving in a range with negative bias over the as bulls took a breather after a rally in past few sessions.

However, some buying activity was seen in broader markets as traders turned focus on midcap stocks for value buying. India's service sector slowed in March to 58.8 from February's 60.2 seven-month high as new business growth moderated slightly, while price pressures, particularly wages, continued to rise.

The broader market indices are trading with moderate gains as BSE Mid Cap and BSE Small Cap are trading up by 0.4% and 0.7% respectively. The key benchmark indices are trading at BSE 30-share Sensex above 19,550 mark, while Nifty is above the 5,875 mark.

At 12:10PM BSE SENSEX was at 19553.28 down by 148.45 points or by 0.75 % and then NSE Nifty was at 5875.5 down by 32.95 points or by 0.56 %.

The BSE MIDCAP was at 7125.9 up by 26.21 points or by 0.37 %. while the BSE SMLCAP was at 8655.13 up by 60.44 points or by 0.7 %.

The BSE Sensex touched intraday high of 19770.21 and intraday low of 19547.82 The NSE Nifty touched intraday high of 5928.65 and intraday low of 5863.2

On the economic front, the government will start exercising strict rules and regulations to achieve the energy efficiency targets. The power ministry is taking up the issue seriously and has planned to impose a hefty penalty, amounting to above Rs 1 lakh per day, in case the industries are unable to achieve energy efficiency targets.

This energy programme comes under a three-year Perform, Achieve and Trade (PAT) programme, with effect from April 1, 2011. The main motto of PAT is to enhance the industrial energy efficiency, by bringing down the energy consumption by 5%. This will lead to capacity of above 5,600 MW in the span of three-years.

Under PAT, industries would be rewarded with incentives and charged very high penalties for not following the norms, commencing from April 1. Besides paying the high penalty amount, the industries, which are unable to cope up with energy efficiency targets, they would also be liable for other charges.

On the corporate front, Suzlon Energy Tuesday said it has set the initial conversion price of the USD 150 million convertible bonds at Rs 54.01 per share.

Overseas acquisitions by state-owned NMDC, India's top iron ore miner, will not exceed USD 500 million this year, the company's top executive said at a mining conference on Tuesday.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 3,524, shares advanced were 1528 while 1133 shares declined and 863 were unchanged.

The top losers of the BSE Sensex pack were Mahindra & Mahindra Ltd. (Rs. 728.40,-2.08%), Tata Power Company Ltd. (Rs. 1313.30,-1.78%), DLF Ltd. (Rs. 267.00,-1.68%), Jindal Steel & Power Ltd. (Rs. 702.00,-1.28%), Housing Development Finance Corporation Ltd. (Rs. 697.05,-1.20%), among others.

In BSE, BSE_IT index was at 6607.8 down by -51.74 points or by -0.78%. Financial Technologies (India) Ltd. (Rs. 908.00,-1.19%), Wipro Ltd. (Rs. 475.25,-1.10%), Infosys Technologies Ltd. (Rs. 3251.50,-0.99%), HCL Technologies Ltd. (Rs. 483.25,-0.42%), Patni Computer Systems Ltd. (Rs. 474.00,-0.38%).

In BSE, BSE_Bankex index was at 13331.84 down by -92.58 points or by -0.69%. Kotak Mahindra Bank Ltd. (Rs. 454.50,-1.54%), Federal Bank Ltd. (Rs. 415.40,-1.46%), Punjab National Bank (Rs. 1180.70,-1.19%), Axis Bank Ltd. (Rs. 1416.95,-1.06%), YES Bank Ltd. (Rs. 311.00,-0.99%).

The leading Asian bourses are trading mix as Hang Seng and Straits Times are trading higher by 1.46%, and 0.55% respectively while Nikkei 225 is trading lower by 1.06%.

Read more about: bse, nse, sensex, nifty, mutual funds, investment
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