Mid Session Market Analysis for Apr 27, 2011

Mid Session Market Analysis for Apr 27, 2011
On Wednesday, the Indian benchmark indices trading directionless as the markets were unable to move in a particular direction. Presently, the markets are trading near its day"s low.

On domestic front, the country's third largest software exporter Wipro on Wednesday reported a growth of 13.77 per cent in consolidated net profit for the quarter ended March 31, 2011, to Rs 1375.4 crore. The Reserve Bank of India has fined 19 banks, including the country's top private and foreign banks, besides the State Bank of India, for violating its guidelines on derivatives. However, the broader market indices are trading positive as BSE Mid Cap is trading up by 0.2% and BSE Small Cap was lower 0.5% respectively.

The key benchmark indices are trading at BSE 30-share Sensex above 19,510 mark, while Nifty is above the 5,860 mark.

At 12:24PM BSE SENSEX was at 19513.22 down by -32.13 points or by -0.16 % and then NSE Nifty was at 5863.35 down by -5.05 points or by -0.09 %.

The BSE MIDCAP was at 7253.92 up by 14.64 points or by 0.2 %. while the BSE SMLCAP was at 8939.89 up by 43.03 points or by 0.48 %.

The BSE Sensex touched intraday high of 19633.63 and intraday low of 19513.22 The NSE Nifty touched intraday high of 5892.35 and intraday low of 5855.15.

On the economic front, a ministerial discussion between Turkmenistan, Afghanistan, Pakistan and India is likely to be held tomorrow, on an early implementation of the $7.6-billion TAPI pipeline project. As a result, the gas sales and purchase agreement (GSPA) between India and Turkmenistan, which was scheduled to be signed by April 2011, is likely to be delayed. The reviving talks on TAPI pipeline for petroleum products had come up for discussion at a juncture when India is facing a sharp demand for gas from sectors like power and fertilizer. A senior petroleum ministry official said, "The groups will conclude the discussions by Wednesday. Ministerial-level discussions are scheduled to start in New Delhi on Thursday."

On the corporate front, Bharat Electronics Limited (BEL) reported that its sales turnover has increased to Rs 55.50bn in 2010—11 (provisional) from Rs 52.20bn in 2009—10, registering a growth of 6.3%.

Petronet LNG has posted a 53% jump in net profits to Rs 620 crore for the 2010-11 fiscal compared to a year ago period as the company operated at full capacity in processing imported gas.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2,750, shares advanced were 1,393 while 1,211 shares declined and 146 were unchanged.

The top gainers of the BSE Sensex pack were Oil And Natural Gas Corporation Ltd. (Rs. 309.50,+1.89%), Mahindra & Mahindra Ltd. (Rs. 769.85,+1.79%), Maruti Suzuki India Ltd. (Rs. 1324.00,+1.76%), Bharti Airtel Ltd. (Rs. 386.80,+1.35%), Infosys Technologies Ltd. (Rs. 2953.35,+0.51%), among others.

In BSE, BSE_CDS index was at 6554.85 up by 64.24 points or by 0.99%. VIP Industries Ltd. (Rs. 713.80,+1.75%), Titan Industries Ltd. (Rs. 4142.00,+1.16%), Videocon Industries Ltd. (Rs. 190.95,+1.14%), Blue Star Ltd. (Rs. 371.80,+1.07%), Bajaj Electricals Ltd. (Rs. 273.80,+0.75%).

In BSE, BSE Realty index was at 2338.34 down by -7.69 points or by -0.33%. Sobha Developers Ltd. (Rs. 300.70,-1.60%), Indiabulls Real Estate Ltd. (Rs. 131.50,-1.42%), Anant Raj Industries Ltd. (Rs. 92.10,-1.34%), Parsvnath Developers Ltd. (Rs. 44.30,-1.23%), Peninsula Land Ltd. (Rs. 57.65,-0.86%).

The leading Asian bourses are trading positive as Hang Seng, Seoul Composite and Nikkei 225 trading up by 0.03%, 0.02% and 1.39% respectively.

Read more about: bse, nse, sensex, nifty
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