Last hour buying helps benchmarks to resume 'Modi rally'

1. Last hour buying helps benchmarks to resume 'Modi rally'
Market Snapshot | 15-05-2014 04:31 PM
After yesterday’s hiatus, Indian indices resumed the northward journey and traded above the water in morning deals.
However, pessimism on global front dragged markets lower to trade in negative terrain. Jerky benchmarks drew some
respite from April WPI easing to two months low and continued to hover around previous close. Both barometer
gauges gained some pace in the last hour to end marginally in green with Nifty closing above 7100.
Among global peers, US markets slaughtered on more than expected rise in US inflation with Dow snapping its 5-day
winning streak. Taking the weak lead for Wall-Street, Asian markets traded mixed whereas European indices were
trading in red.
Back home, on currency front, Rupee is on roll these days to compliment the rally in local equities and neared 10
month high levels against Dollar. In futures trades, INR hit an intra-day high of 59.32/USD and an intra-day low of
59.68/USD. In spot trades, INR hit an intra-day high of 59.21/USD and an intra-day low of 59.62/USD. As per RBI
reference rates, INR stood at 59.47/USD.
On macro-economic front, clashing the retail inflation digits, Wholesale Price Index eased to two months low level in
line with the expectations in April. WPI decelerated to 5.20% in April 2014, as compared to 5.70% for the March 2014
and 4.77% during the corresponding month of the previous year. However, February Inflation index value revised
higher at 179.5 as compared to 178.9 (provisional) and thereby annual rate of inflation stood revised at 5.03% as
compared to 4.68 percent respectively.
On stock-specific front, Sun Pharmaceutical Industries made a settlement agreement with Novartis Pharmaceuticals
Corporation stipulating a dismissal of the lawsuits filed in the United States against the company for submission of an
Abbreviated New Drug Application (ANDA) for a generic version of Gleevec, Imatinib Mesylate tablets. Sun
Pharmaceuticals and Novartis India gained 1.72% and 0.87% up on BSE respectively.
Another pharmaceutical major, Wockhardt plunged 2.36% on BSE as the company has reportedly recalled 109744
bottles of a high blood pressure drug , metoprolol succinate, in the United States after it failed a dissolution test.
Key Quarterly Results
Tata Steel gained 1.9% to mark fresh 52 week high at Rs 468 on BSE after company’s Q4 Net surged 51.13% to Rs
1978.64 crore as compared to Rs 1309.2 crore in the corresponding quarter of the previous year.
Tech Mahindra ended marginally lower despite recording a high jump of 285% in Q4 Net at Rs 523.34 crore as against
Rs 135.8 crore for the same quarter in the previous year.
Bank of Maharashtra sank 1.38% on BSE after company’s Q4 Net tumbled 78% at Rs 56.9 core as compared to Rs
258.9 crore in the same quarter in the previous year.
Bank of India slumped 3.36% on BSE after posting 26.31% dip in Q4 Net at Rs 557.51 crore as compared to Rs
756.57 crore for the same quarter in the previous year.
Asian Paints slipped 4.9% after marking 52 week high at Rs 565 on BSE after its Q4 Net fell 10.30% to Rs 239.56
crore as compared to Rs 267.07 crore for the same quarter in the previous year.
Bajaj Finance tumbled 4.23% on BSE despite recording a decent rise of 11.15% in March quarter Net at Rs 182.09
crore as compared to Rs 163.81 crore for the same quarter in the previous year.
Bajaj Finserv reported a Net profit of Rs 10.57 crore in Q4 as compared to a Net loss of Rs 17.28 crore for the same
quarter in the previous year. The stock ended 3.18% down on BSE amidst the weakness in market.
T he market breadth on the BSE closed in negative. Advancing and declining stocks were 1204 and 1790
respectively, while 151 scrips remained unmoved.
The S&P BSE Sensex ended at 23905.60, up 90.48 points or 0.38%. The 30 share index touched a high and a low of
23971.78 and 23742.75 respectively. 17 stocks advanced against 13 declining ones on the benchmark index.
The CNX Nifty gained 14.40 points or 0.20% to settle at 7123.15. The index touched high and low of 7152.55 and
7082.55 respectively. 21 stocks advanced against 29 declining ones on the index.

2. S&P BSE Sensex CNX Nifty
The S&P BSE Mid-cap index moved down to 7640.10 and lost 0.83% while S&P BSE Small-cap index hammered
down by 0.86% to 7791.12.
The broader S&P BSE 500 index decreased to 8850.32 (down 0.09%) and CNX 500 index declined to 5580.30 (down
0.06%).
The volatility as denoted by INDIA VIX gained 13.42% at 36.77 from its previous close of 32.42 on Wednesday.
Sectors in action
On the BSE Sectorial front, Consumer Durables (up 1.52%), Power (up 0.97%) and Oil & Gas (up 0.95%) were the top
gainers.
Real Estate (down 1.11%), Capital Goods (down 0.90%) and Metals (down 0.71%) were the top losers.
The Angels and the Devils
Tata Power Company Ltd (up 3.07%), NTPC Ltd (up 2.95%), Oil and Natural Gas Corporation Ltd (up 2.56%), GAIL
(India) Ltd (up 2.16%) and Hindustan Unilever Ltd (up 2.08%) were the top gainers on the Sensex.
Bajaj Auto Ltd (down 4.28%), Hindalco Industries Ltd (down 1.98%), Sesa Sterlite Ltd (down 1.88%), Wipro Ltd (down
1.50%) and Dr. Reddys Laboratories Ltd (down 1.46%) were the top losers on the Sensex.
Benchmark Drivers
HDFC Bank (28.61 points), Housing Development Finance Corporation Ltd (24.25 points), ICICI Bank (-22.17 points),
Oil and Natural Gas Corporation Ltd (18.76 points) and Larsen And Toubro Ltd (-16.26 points) were the major Sensex
drivers today.
On the other end HDFC Bank (7.43 points), Housing Development Finance Corporation Ltd (6.36 points), Oil and
Natural Gas Corporation Ltd (5.36 points), ICICI Bank (-4.95 points) and Reliance Industries Ltd (4.21 points) were the
major Nifty movers today.
Pivot, Supports and Resistance Levels
CNX Nifty is now pivoted at 7119 for next session. The next support is at 7086 and on upside it has a resistance at
7156 levels.
CNX NiftyCNX Nifty
Eff. DateEff. Date S 3S 3 S 2S 2 S 1S 1 PIVOTPIVOT R 1R 1 R 2R 2 R 3R 3 Actual CloseActual Close
16-May-2014 7016 7049 7086 7119 7156 7189 7226 -
15-May-2014 7018 7049 7079 7111 7140 7172 7202 7123.15
14-May-2014 6955 7011 7060 7116 7165 7221 7270 7108.75
S&P BSE Sensex has a pivot at 23873 with first level of support and resistance at 23775 and 24004 respectively.
S&P BSE SensexS&P BSE Sensex
Eff. DateEff. Date S 3S 3 S 2S 2 S 1S 1 PIVOTPIVOT R 1R 1 R 2R 2 R 3R 3 Actual CloseActual Close
16-May-2014 23546 23644 23775 23873 24004 24102 24233 -
15-May-2014 23513 23633 23724 23844 23935 24056 24147 23905.60
14-May-2014 23371 23550 23711 23890 24050 24230 24390 23815.12
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