Mid Session Market Analysis for Apr 28, 2011

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Mid Session Market Analysis for Apr 28, 2011
On Thursday, the Indian benchmark indices trading lower since morning due to lack of buying support from the domestic front. The markets turned negative after opening higher and continued to trade sideways ahead of F&O expiry.

On domestic front, India and Pakistan have agreed to revive all committees that were set up before the Mumbai attack so as to resume measures to facilitate trade. However, the broader market indices are trading mix as BSE Mid Cap is trading lower by 0.1% and BSE Small Cap was up 0.1% respectively. The key benchmark indices are trading at BSE 30-share Sensex above 19,410 mark, while Nifty is above the 5,815 mark.

At 12:28PM BSE SENSEX was at 19410.02 down by -38.67 points or by -0.2 % and then NSE Nifty was at 5819.15 down by -14.75 points or by -0.25 %.

The BSE MIDCAP was at 7230 down by -8.71 points or by -0.12 % while the BSE SMLCAP was at 8901.57 up by 4.53 points or by 0.05 %.

The BSE Sensex touched intraday high of 19542.05 and intraday low of 19360.61 The NSE Nifty touched intraday high of 5856.4 and intraday low of 5805.85.

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, Biocon Ltd said it would divest its stake in German unit AxiCorp, after roughly meeting estimates with a 25% rise in the fourth-quarter net profit.

Hexaware Technologies posted net profit of Rs 53.8 crore for the first quarter, 36% growth as compared to Rs 39.6 crore in previous quarter.

The market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2,726, shares advanced were 1,166 while 1,442 shares declined and 118 were unchanged.

The top losers of the BSE Sensex pack were Reliance Communications Ltd. (Rs. 102.10,-2.99%), Jindal Steel & Power Ltd. (Rs. 681.00,-1.64%), DLF Ltd. (Rs. 230.90,-1.60%), Bharat Heavy Electricals Ltd. (Rs. 1992.00,-1.38%), Reliance Infrastructure Ltd. (Rs. 658.70,-1.33%), among others.

In BSE, BSE_CDS index was at 6534.57 up by 26.99 points or by 0.41%. Titan Industries Ltd. (Rs. 4153.95,+0.91%), Videocon Industries Ltd. (Rs. 190.00,+0.88%), Bajaj Electricals Ltd. (Rs. 274.00,+0.77%), VIP Industries Ltd. (Rs. 715.40,+0.74%), Gitanjali Gems Ltd. (Rs. 266.50,+0.62%),.

In BSE, BSE Realty index was at 2256.14 down by -53.46 points or by -2.31%. Unitech Ltd. (Rs. 37.70,-6.80%), D B Realty Ltd. (Rs. 98.80,-4.26%), Orbit Corporation Ltd. (Rs. 49.30,-3.24%), Sobha Developers Ltd. (Rs. 294.00,-2.03%), DLF Ltd. (Rs. 230.90,-1.60%),.

The leading Asian bourses are trading mix as Hang Seng, Seoul Composite and Nikkei 225 trading up by 0.20%, 0.07% and 1.63% respectively while Shanghai Composite trading down by 0.90%.

Read more about: bse, nse, sensex, nifty
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