Mid Session Market Analysis for May 19, 2011

On Thursday, the Indian benchmark indices have been trading flat throughout the session due to lack of triggers to drive the market. However, during the past hour the markets is showing a slightl upward trend.

Back on the domestic front, spinning mills across the country will shut down for a day on May 23 and production of cotton yarn will be squeezed by 33% for a week starting May 24 to minimise piling inventories and resurrect prices, stated by confederation of Indian Textile Industry.

Besides, the broader market indices are trading mix as BSE Mid Cap fell by 0.4% and BSE Small Cap was up 0.2% respectively. The key benchmark indices are trading at BSE 30-share Sensex above 18,120 mark, while Nifty is above the 5,425 mark.

At 12:22 PM BSE SENSEX was at 18129.78 up by 43.58 points or by 0.24 % and then NSE Nifty was at 5429.05 up by 8.45 points or by 0.16 %.

The BSE MIDCAP was at 6734.06 down by -28.79 points or by -0.43 %. while the BSE SMLCAP was at 8169.78 down by -19.79 points or by -0.24 %.

The BSE Sensex touched intraday high of 18198.45 and intraday low of 18057.82 The NSE Nifty touched intraday high of 5452.6 and intraday low of 5411.25.

On the economic front, the Indian defence ministry has raised objection against two blocks in the Krishna-Godavari basin due to their presence in the ministry's missile testing range. A senior official of the Petroleum Ministry, quoted, "The Defence Ministry did not give clearance to three (blocks) in KG Basin and one block in Orissa coast. The Directorate General of Hydrocarbons (DGH) already identified 40 blocks for NELP-X, including three blocks in the KG Basin. The ministry might object to another three blocks, taking the total to seven." As per the estimations of the Ministry of Petroleum and Natural Gas, the prolific basin has 1,130 million metric tonnes of oil and oil-equivalent gas. But owing to defence ministry's objection, none of the blocks were offered for auction in the recently concluded New Exploration Licensing Policy (NELP) bidding. 

On the corporate front, GVK Power & Infrastructure Ltd is reportedly in talks to buy two coal mines of an Australian company, Hancock Prospecting Pty.

Bajaj Auto"s Board of Directors at its meeting held on May 18, 2011, inter alia, has recommended a dividend of Rs. 40 per share (400%) subject to approval of shareholders. 

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2,586, shares advanced were 1,035 while 1,418 shares declined and 133 were unchanged.

The top gainers of the BSE Sensex pack were Tata Consultancy Services Ltd. (Rs. 1168.00,+1.42%), Reliance Industries Ltd. (Rs. 913.25,+1.27%), Mahindra & Mahindra Ltd. (Rs. 677.70,+1.26%), Bajaj Auto Ltd. (Rs. 1300.00,+1.04%), ITC Ltd. (Rs. 190.65,+0.90%), among others.

In BSE, BSE Oil & Gas index was at 9291.06 up by 105.2 points or by 1.15%. GAIL (India) Ltd. (Rs. 434.45,+2.78%), Oil India Ltd. (Rs. 1334.35,+1.38%), Reliance Industries Ltd. (Rs. 913.25,+1.27%), Hindustan Petroleum Corporation Ltd. (Rs. 359.60,+0.47%) and Oil And Natural Gas Corporation Ltd. (Rs. 275.10,+0.40%).

In BSE, BSE Realty index was at 2090.89 down by -29.56 points or by -1.39%. Orbit Corporation Ltd. (Rs. 45.20,-3.62%), Sobha Developers Ltd. (Rs. 251.65,-3.36%), Housing Development & Infrastructure Ltd. (Rs. 150.30,-2.15%), Anant Raj Industries Ltd. (Rs. 64.00,-2.07%) and DLF Ltd. (Rs. 226.00,-1.65%).

The leading Asian bourses are trading mix as Straits Times and Hang Seng trading up by 0.98% and 0.51% while Shanghai Composite and Nikkei 225 trading down by 0.45% and 0.43% respectively.

Read more about: bse, nse, market, sensex
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