- Indian stock indices opened cautiously but ended flat, with the Nifty closing at 6695 points, as sluggish global cues and persistent selling pressure dragged markets lower. - In the US, Nasdaq slipped over 2% while Asian and European indices also declined as momentum stocks weakened. - The rupee strengthened against the dollar after two days of depreciation. Foreign direct investment in India's services sector, which accounts for over 60% of GDP, dropped 61% year-over-year. - Sun Pharma announced the acquisition of Ranbaxy for $3.2 billion, which will make it the largest pharmaceutical company in India and fifth largest specialty generics company globally.

1. Sluggish global cues drag indices lower; Nifty @6595
Market Snapshot | 07-04-2014 04:22 PM
Following a cautious start, Indian indices managed to keep their head above water in the morning deals. Subsequently,
sluggish global cues succeeded to drag markets lower with Nifty sinking below 6700. Bears held their grip on D-Street
amidst persistent selling pressure. Benchmarks recouped some of the lost ground in late hours to end flat with Nifty
closing at 6695. On BSE sectorial front, Realty was the top loser.
Among global peers, US markets sank with Nasdaq slipping over 2% as drop in momentum stocks weighed.
Tracking the weak lead from Wall-Street, Asian and European indices too nosedived with Nikkei dipping 1.7%.
Back home, on currency front, Rupee strengthened against Dollar snapping two consecutive session’s depreciating
streak and traded around psychological level of 60/$. In futures trades, INR hit an intra-day high of 60.09/USD and an
intra-day low of 60.51/USD. In spot trades, INR hit an intra-day high of 59.79/USD and an intra-day low of 60.24/USD.
As per RBI reference rates, INR stood at 59.94/USD. (Read More)
On macro-economic front, adding to the worries of disappointing numbers for March, foreign direct investment (FDI)
in the services sector dropped to a massive degree. Service sector that accounts for over 60% to India's GDP
witnessed a sharp fall of 61% y-o-y in foreign direct investment to $1.8 billion during April-January. The sector had
received FDI worth $4.66 billion during April 2013-January 2014. (Read More)
In a big development in Pharmaceutical industry, Sun Pharmaceutical Industries and Ranbaxy have announced to
enter into a definitive agreement under which Sun Pharma will acquire 100% stake in Ranbaxy for $3.2 billion in all
share deal. Ranbaxy shareholders will receive 0.8 share of Sun Pharma for each share of Ranbaxy. The acquisition of
Ranbaxy will make Sun Pharma, the largest pharmaceutical company in India and fifth-largest specialty generics’
company in the World. (What’s Hot)
Housing Development & Infrastructure (HDIL) spurted 2.3% to make fresh 52 week high at Rs 76 on BSE after
Nomura Singapore acquired around 1% stake of the company via an open market transaction. The brokerage house
bought 4.41 million equity shares, representing 1.05% stake in the company at Rs 67.45 per share through a block
deal on Friday. (Read More)
Reliance Communications (RCom) climbed 3.4% on BSE on inking a Master Services Agreement (MSA) with
Reliance Jio Infocomm and for sharing former’s extensive intra-city optic fiber infrastructure. (Read More)
Godawari Power and Ispat jumped 3.15% on BSE as the company’s subsidiary Hira Ferro Alloys offloaded its entire
13% stake in Maruti Clean Coal and Power (MCCPL) comprising of 17.55 lakhs equity shares of Rs 10 each for Rs 39
crore. (Read More)
IL&FS Transportation Networks spiked 4% on BSE on emerging as the lowest bidder for the bids submitted with
Road Infrastructure Company Kerala (RICKL). (Read More)
The market breadth on the BSE closed in positive. Advancing and declining stocks were 1466 and 1213 respectively,
while 117 scrips remained unmoved.
The S&P BSE Sensex ended at 22343.45, down 16.05 points or 0.07%. The 30 share index touched a high and a
low of 22481.62 and 22197.51 respectively. 14 stocks advanced against 16 declining ones on the benchmark index.
The CNX Nifty gained 0.70 points or 0.01% to settle at 6695.05. The index touched high and low of 6725.15 and
6650.40 respectively. 24 stocks advanced against 26 declining ones on the index.
S&P BSE Sensex CNX Nifty
The S&P BSE Mid-cap index moved down to 7165.36 and lost 0.45% while S&P BSE Small-cap index jumped up by
0.22% to 7281.07.
The broader S&P BSE 500 index decreased to 8311.83 (down 0.06%) and CNX 500 index declined to 5234.20 (down
0.01%).
The volatility as denoted by INDIA VIX gained 9.96% at 24.95 from its previous close of 22.69 on Friday.

2. Sectors in action
On the BSE Sectorial front, Metals (up 0.24%) and FMCG (up 0.14%) were the top gainers.
Real Estate (down 1.37%), Consumer Durables (down 1.24%) and Power (down 0.69%) were the top losers.
The Angels and the Devils
Sun Pharmaceutical Industries Ltd (up 2.68%), Sesa Sterlite Ltd (up 2.34%), Mahindra and Mahindra Ltd (up 1.26%),
Tata Steel Ltd (up 1.01%) and State Bank of India (up 0.95%) were the top gainers on the Sensex.
Bharat Heavy Electricals Ltd (down 3.32%), Cipla Ltd (down 1.84%), ICICI Bank (down 1.73%), Dr. Reddys
Laboratories Ltd (down 1.64%) and Maruti Suzuki India Ltd (down 1.20%) were the top losers on the Sensex.
Benchmark Drivers
ICICI Bank (-28.28 points), Sun Pharmaceutical Industries Ltd (14.62 points), Infosys Ltd (-13.61 points), Tata
Consultancy Services Ltd (7.33 points) and State Bank of India (6.95 points) were the major Sensex drivers today.
On the other end ICICI Bank (-7.38 points), Sun Pharmaceutical Industries Ltd (4.05 points), Infosys Ltd (-3.32 points),
Tata Consultancy Services Ltd (2.64 points) and Ultratech Cement Ltd (2.48 points) were the major Nifty movers
today.
Pivot, Supports and Resistance Levels
CNX Nifty is now pivoted at 6690 for next session. The next support is at 6655 and on upside it has a resistance at
6730 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
09-Apr-2014 6580 6615 6655 6690 6730 6765 6805 -
07-Apr-2014 6616 6650 6672 6707 6729 6764 6786 6695.05
04-Apr-2014 6617 6657 6696 6737 6776 6816 6856 6694.35
S&P BSE Sensex has a pivot at 22341 with first level of support and resistance at 22200 and 22484 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
09-Apr-2014 21916 22057 22200 22341 22484 22625 22768 -
07-Apr-2014 22105 22222 22291 22408 22477 22594 22662 22343.45
04-Apr-2014 22127 22248 22379 22500 22630 22751 22881 22359.50

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