A1FS Views

Market in a nutshell

• Markets opened on a low note and witnessed a weak session fuelled by rocketing crude prices and inflation worries. Afternoon trades witnessed a further plunge in the broader indices before a strong recovery in the final hours. Sensex closed at 17,339 (down 34 points) while Nifty closed at 5,136 (down 9 points). IT stocks advanced due to the falling rupee.
• BSE Capital Goods Index was the major loser down 2% to 13,642 with Bharat Electronics shedding 6% to INR 1,230. BSE Realty Index declined 1.5% to 8,208 with DLF down 2.5% to INR 651.
• Nifty May Futures were trading at a premium of 5-7 points to spot for major part of the session, which increased to 12-15 points during the last half hour.
• Market breadth was negative with an Advance: Decline Ratio of 0.7:1. Sesa Goa declined 5% to INR 3,993, while Hindustan Oil Exploration gained 9% to INR 153.
• Cash volumes were at INR 210,792 mn (NSE+BSE) as against a 5 DMA of INR 222,967 mn. F&O volumes were at INR 335,639 mn as against a 5 DMA of INR 341,012 mn.

Eye Catchers

• Mahindra Lifespace Developers surged 13% to INR 642 with volumes of 3,590,914 (up 300%).
• Bharat Electronics fell 6% to INR 1,230 with volumes of 498,852 (up 250%).

Heard on the Street

• Singapore’s telecom giant, SingTel, which holds over 30% stake in Bharti Airtel, may join Bharti as a co-buyer in the bid to acquire South Africa’s MTN.

Market News

• Rupee slipped further to trade at INR 41.37 against the greenback, due to soaring dollar demand from oil refiners.
• Nymex crude advanced further to trade at $121.98/ bbl, due to continuing supply problems in Nigeria. Base metals were trading on a mixed note, with zinc up 3% and lead down 1%.
• Tata Steel along with Brazilian mining giant Vale and other joint venture partners will undertake a massive expansion of the Carborough Downs Coal Mine in Australia for about INR 15.56 bn.

Indices Performance

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