Mid Session Market Analysis for Apr 11, 2011

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On Monday, the Indian benchmarks indices are trading bearish as there is no support from the global arena and the economic headline risk is also affecting the market sentiments.

The poor industrial growth figure and selling pressure in the realty and auto index is also weighing down on the markets. Industrial growth dropped marginally to 3.6% in February as sectors like mining, electricity and consumer goods underperformed during the month.

World oil prices remained steady near a two and a half month high in Asian trade Monday as a weak dollar and unrest in the MENA region continued to support it.

The broader market indices are trading with trading negatively as BSE Mid Cap and BSE Small Cap are trading down by 0.7% and 0.6% respectively. The key benchmark indices are trading at BSE 30-share Sensex below 19,230 mark, while Nifty is below the 5,800 mark.

At 12:21PM BSE SENSEX was at 19291.21 down by -160.24 points or by -0.82 % and then NSE Nifty was at 5795.7 down by -46.3 points or by -0.79 %.

The BSE MIDCAP was at 7123.77 down by -49.73 points or by -0.69 %. while the BSE SMLCAP was at 8719.29 down by -53.26 points or by -0.61 %.

The BSE Sensex touched intraday high of 19426.3 and intraday low of 19268.97 The NSE Nifty touched intraday high of 5830.3 and intraday low of 5793.85

On the economic front, India's estimated 9% economic growth rate this fiscal year will depend on how soon the nation is able to anchor inflation, which continues to remain at an unacceptable level, a senior government official said.

"The worry is how nonfood manufacturing inflation, which again is causing some amount of worry. Oil prices remaining where they are is also another cause of concern," R Gopalan, secretary of Department of Economic Affairs, told reporters on the sidelines of a conference. India is expected to record 8.6% growth in the just-ended quarter, but inflation has continued to remain sticky. The general inflation rate was 8.31% in February. 

On the corporate front, Sun Pharmaceutical surged as much as 3% in the morning trade after news came that the company is likely to enter into a marketing tie-up with US drug major Merck & Co.

Infosys is likely to have finalised two European firms for acquisition, and will be pumping in $280-300 for the acquisition which is slated to be completed before July.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 3,549, shares advanced were 1,017 while 1,667 shares declined and 865 were unchanged.

The top losers of the BSE Sensex pack were DLF Ltd. (Rs. 251.55,-3.04%), Jindal Steel & Power Ltd. (Rs. 680.30,-2.79%), Tata Motors Ltd. (Rs. 1222.00,-2.63%), Mahindra & Mahindra Ltd. (Rs. 709.00,-2.58%), Bajaj Auto Ltd. (Rs. 1378.10,-2.53%), among others.

In BSE, BSE Realty index was at 2405.3 down by -58.85 points or by -2.39%. Sunteck Realty Ltd. (Rs. 330.15,-13.38%), Sobha Developers Ltd. (Rs. 298.75,-4.02%), DLF Ltd. (Rs. 251.45,-3.08%), Housing Development & Infrastructure Ltd. (Rs. 180.90,-3.08%), Unitech Ltd. (Rs. 45.15,-2.90%).

In BSE, BSE Auto index was at 9206.54 down by -190.59 points or by -2.03%. Mahindra & Mahindra Ltd. (Rs. 708.00,-2.71%), Tata Motors Ltd. (Rs. 1221.50,-2.67%), Bajaj Auto Ltd. (Rs. 1378.00,-2.54%), Apollo Tyres Ltd. (Rs. 65.20,-1.95%), Ashok Leyland Ltd. (Rs. 55.05,-1.78%).

The leading Asian bourses are trading negative as Straits Times, Hang Seng and Nikkei 225 are trading lower by 0.60%, 0.43% and 0.50% respectively.

Read more about: bse, nse, sensex, nifty
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