A1FS Views

Market in a nutshell

• Markets opened on a firm footing, but fizzled as the session progressed. Afternoon trades showed some sparks of recovery, but could not sustain and the broader indices continued paring the day’s gains. Sensex finally closed at 16,721 (up 23 points) while Nifty closed at 5,000 (down 23 points).
• BSE IT Index gained 1.5% to 4,050 with Infosys up 3% to INR 1,693. BSE FMCG Index advanced 1% to 2,390 with Hindustan Unilever up 3% to INR 249.
• Nifty May Futures were trading at a premium of 10 points to spot for major part of the day, which reduced to 5 points during the last half hour.
• Market breadth was negative with an Advance: Decline Ratio of 3:5. Mc Dowells rose 10% to INR 1,754, while KPIT Cummins fell 6% to INR 99.
• Cash volumes were at INR 155,472 mn (NSE) as against a 5 DMA of INR 146,136 mn. F&O volumes were at INR 509,581 mn as against a 5 DMA of INR 452,990 mn.

Eye Catchers

• Lupin was up 5% to INR 577 with volumes of 636,714 (up 400%).

Market News

• Rupee depreciated to INR 40.18 a dollar, due to dollar demand from oil refiners.
• Nymex crude remained strong at $117.43/ bbl. Base metals were trading on a weak note with copper, leading the pack of losers down 2%.
• ACC announced a net profit of INR 3.57 bn for the first quarter ended March 31, 2008 as compared to INR 3.56 bn during the same quarter last year.
• HDFC Bank posted a net profit of INR 4.71 bn for the quarter ended March 31, 2008, up by 37% from INR 3.44 bn in the corresponding quarter last year.
• Maruti Suzuki reported a net profit of INR 2.98 bn for the fourth quarter ended December 2008 against INR 4.49 bn in the corresponding previous quarter.

Indices Performance

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