Mid Session Market Analysis for May 03, 2011

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Mid Session Market Analysis for May 03, 2011
On Tuesday, the Indian benchmark indices plunged on heavy selling in financial stocks as the banking regulator hiked interest rates to tame towering inflation and projected a lower growth outlook. Back on the domestic front, Reserve Bank of India, in its first monetary policy review of 2012, raised repo and reverse repo rates by 50 basis points at 7.25% and 6.25% respectively.

However, the CRR has been left unchanged at 6%. Car sales started the new fiscal on a modest note as rising interest rates and fuel prices are set to moderate demand from the scorching 30%-plus growth rate of 2010-11. Also, the broader market indices are trading lower as BSE Mid Cap fell by 0.7% and BSE Small Cap was down 0.7% respectively. The key benchmark indices are trading at BSE 30-share Sensex above 18,780 mark, while Nifty is above the 5,625 mark.

At 12:34PM BSE SENSEX was at 18788.08 down by -209.94 points or by -1.11 % and then NSE Nifty was at 5627.9 down by -73.4 points or by -1.29 %.

The BSE MIDCAP was at 6978.09 down by -49.74 points or by -0.71 %. while the BSE SMLCAP was at 8553.24 down by -61.95 points or by -0.72 %.

The BSE Sensex touched intraday high of 19024.95 and intraday low of 18733.07 The NSE Nifty touched intraday high of 5710.8 and intraday low of 5621.05

On the economic front, India's exports grew 37.6% in fiscal year 2010-11 at $245.9 billion, surpassing the Government's original target of $200 billion. Imports stood at $351 billion and the trade deficit was at $104.8 billion, slightly higher than the provisional forecast of $104.4 billion.

Oil imports for the fiscal year 2010-11 rose 16.7% to $102 billion, a Commerce Ministry release said here on Monday. Exports in March rose 43.9% to $29.1 billion while imports rose 17.3% to $34.7 billion. The trade deficit was at $5.6 billion for the month while oil imports rose 8.2% to $9.4 billion.

On the corporate front, a wholly owned unit of India's Adani Enterprises said on Tuesday it has acquired Abbot Point Coal Terminal in Australia's Queensland state for $2 billion as part of its business expansion overseas.

Glenmark Generics Inc, the United States subsidiary of Glenmark Generics has been granted final approval by the United States Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA)

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2,669, shares advanced were 828 while 1,725 shares declined and 116 were unchanged.

The top losers of the BSE Sensex pack were Mahindra & Mahindra Ltd. (Rs. 714.20,-3.61%), Jaiprakash Associates Ltd. (Rs. 89.60,-3.14%), State Bank of India (Rs. 2618.05,-2.73%), Tata Motors Ltd. (Rs. 1196.90,-2.58%), Maruti Suzuki India Ltd. (Rs. 1259.55,-2.45%), among others.

In BSE, BSE Auto index was at 9254.11 down by -208.77 points or by -2.21%. Mahindra & Mahindra Ltd. (Rs. 714.20,-3.61%), Tata Motors Ltd. (Rs. 1196.90,-2.58%), Maruti Suzuki India Ltd. (Rs. 1259.55,-2.45%), Bajaj Auto Ltd. (Rs. 1407.00,-2.24%), Ashok Leyland Ltd. (Rs. 50.50,-1.94%).

In BSE, BSE_Bankex index was at 12558.86 down by -245.62 points or by -1.92%. Canara Bank (Rs. 574.95,-3.86%), Punjab National Bank (Rs. 1110.50,-3.51%), Axis Bank Ltd. (Rs. 1239.45,-2.86%), State Bank of India (Rs. 2618.05,-2.73%), Bank of India (Rs. 411.15,-2.49%).

The leading Asian bourses are trading mix as Hang Seng and Shanghai Composite trading up by 0.16% and 0.50% respectively while, Straits Times and Seoul Composite trading down by 0.71% and 1.27%.

Read more about: bse, nse, sensex, nifty
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