A1FS Views

Market in a nutshell

• Markets opened on a firm footing but ventured into negative territory as the session progressed. The broader indices exhibited range bound movement during afternoon trades. Sensex finally closed at 17,287 (down 91 points) while Nifty closed at 5,166 (down 30 points). Auto and software stocks advanced while banking stocks faced selling pressure.
• BSE Auto Index gained 2% to 4,726 with M&M up 4% to INR 670. BSE Realty Index shed 2% to 8,505 with DLF down 3% to INR 705.
• Nifty May Futures were trading at a premium of 20 points to spot for major part of the session, which increased to 25 points during the last half hour.
• Market breadth was marginally negative with an Advance: Decline Ratio of 0.7:1. Mahindra Life was up 9% to INR 535, while IFCI declined 10% to INR 57.
• Cash volumes were at INR 164,484 mn (NSE) as against a 5 DMA of INR 150,879 mn. F&O volumes were at INR 339,500 mn as against a 5 DMA of INR 408,353 mn.

Eye Catchers

• Purvankara surged 13% to INR 305 with volumes of 1,815,768 (up 400%), on the back of good results.
• Praj soared 15% to INR 199 with volumes of 25,381,141 (up 650%).
• TVS Motors advanced 11% to INR 43 with volumes of 12,173,087 (up 850%).

Market News

• Rupee weakened to trade at INR 40.63 against the dollar.
• Nymex crude eased to trade at $115.16/ bbl. Base metals were trading on a soft note, with zinc leading the pack of losers down 3%.
• Call rates were at 6.00-6.25% due to demand from banks.
• Rajesh Exports secured a contract worth INR 5.34 bn from Lazorde Jewellery, Kuwait.
• Dr Reddy’s Laboratories said it would acquire US-based BASF’s pharmaceutical contract business and its manufacturing facility for an undisclosed amount.
• Dena Bank posted 153% rise in net profit to INR 1.10 bn in Q4 March 2008 over Q4 March 2007.

Indices Performance