Mid Session Market Analysis for May 02, 2011

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Mid Session Market Analysis for May 02, 2011
On Monday, the Indian benchmark indices cut losses after sliding to fresh intraday lows in morning trade as Asian stocks and US index futures rose boosted by news that al-Qaeda leader Osama bin Laden, the perpetrator of the twin tower attack.

The markets are trading at its day"s low during the afternoon session. On domestic front, the outcome of the Reserve Bank of India's (RBI) monetary policy meeting on Tuesday and trends in global equities may determine the direction of Indian stocks in the week ahead. Also, the broader market indices are trading lower as BSE Mid Cap fell by 0.7% and BSE Small Cap was down 0.6% respectively.

The key benchmark indices are trading at BSE 30-share Sensex above 19,030 mark, while Nifty is above the 5,725 mark.

At 12:26PM BSE SENSEX was at 19033.45 down by -102.51 points or by -0.54 % and then NSE Nifty was at 5725.15 down by -24.35 points or by -0.42 %.

The BSE MIDCAP was at 7042.84 down by -51.42 points or by -0.72 %. while the BSE SMLCAP was at 8659.38 down by -55.93 points or by -0.64 %.

The BSE Sensex touched intraday high of 19253.87 and intraday low of 19015.71 The NSE Nifty touched intraday high of 5775.25 and intraday low of 5714.35

On the economic front, a ministerial discussion between Turkmenistan, Afghanistan, Pakistan and India for the construction of the $7.6-billion TAPI pipeline project, all the four countries have agreed to the pricing parameters of gas, to be supplied from Turkmenistan.

Oil minister S Jaipal Reddy quoted, "All four countries are equally committed to the TAPI pipeline ... we are progressing well," However, certain commercial issues like transit fee to be charged by Afghanistan and Pakistan and the final price of gas, are yet to be discussed.

As per the gas sales and purchase agreement (GSPA) for the upcoming pipeline, India has taken up the responsibility for delivering gas at the Turkmenistan-Afghanistan border. But, it has approached Teheran to look after the gas transmission through Pakistan to the Indian border in the Iran-Pakistan-India pipeline.

On the corporate front, Air India today cancelled 90 per cent of its domestic flights on the sixth day of the strike by its pilots even as all eyes were now on the Delhi High Court which will take up criminal proceedings against the agitators.

Maruti Suzuki India today reported a 4.40 per cent jump in April sales to 97,155 units.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2,688, shares advanced were 1,023 while 1,543 shares declined and 122 were unchanged.

The top losers of the BSE Sensex pack were State Bank of India (Rs. 2710.20,-3.40%), Maruti Suzuki India Ltd. (Rs. 1296.00,-1.80%), Bajaj Auto Ltd. (Rs. 1438.95,-1.63%), Sterlite Industries (India) Ltd. (Rs. 178.30,-1.55%), ICICI Bank Ltd. (Rs. 1098.00,-1.46%), among others.

In BSE, BSE_Bankex index was at 12809.5 down by -267.47 points or by -2.05%. Bank of India (Rs. 427.50,-6.44%), Canara Bank (Rs. 606.05,-3.97%), Union Bank of India (Rs. 308.55,-3.44%), Punjab National Bank (Rs. 1145.50,-3.40%), State Bank of India (Rs. 2710.20,-3.40%).

In BSE, BSE_PSU index was at 8978.26 down by -92.03 points or by -1.01%. Bank of India (Rs. 427.50,-6.44%), United Bank of India (Rs. 104.35,-5.14%), UCO Bank (Rs. 99.10,-5.12%), Bank of Maharashtra (Rs. 57.60,-4.48%), BEML Ltd. (Rs. 665.00,-4.34%).

The leading Asian bourses are trading mix as Hang Seng trading down by 0.36% respectively while Shanghai Composite, Nikkei 225 and Seoul Composite trading up by 0.87%, 1.53% and 1.67%.

Read more about: bse, nse, nifty, sensex
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