Indian markets ended flat with the S&P BSE Sensex closing at 19179.36, driven by mixed performances across sectors amid weak Asian cues and positive U.S. corporate earnings. C. Rangarajan from PMEAC projects the Indian economy to grow at 6.4% this fiscal year, supported by improvements in agriculture and manufacturing. Major infrastructure projects worth ₹58,000 crore were cleared, while various stocks, including gold loan companies, showed varied performance amid ongoing market volatility.

1. Markets end flat; Rangarajan pegs economy to grow at 6.4%
Market Summary
23-Apr-2013
Following a positive start, Indian markets pared their gains and went into red zone tracking weak Asian cues. A late
recovery allowed key indices to close just above the yesterday's finish line ahead of F&O expiry on Thursday. S&P
Capital Goods bottomed the charts on BSE sectorial front. The breadth was negative on both the key bourses today.
The markets would remain closed on Wednesday on account of Mahavir Jayanti.
The U.S. markets closed in green buoyed with good corp earnings. Asian indices on the other end, closed in red on
weak China Manufacturing PMI data. European indices were trading in positive at the time of writing this report.
Back home, releasing a report on Review of the Economy 2012-13, C. Rangarajan, Chairman - Prime Minister's
Economic Advisory Council (PMEAC), stated that Indian economy has bottomed out and will grow at 6.4% this fiscal on
the back of improvement in agriculture and manufacturing sectors. He estimated the Current Account Deficit to be at
$100 billion or about 4.7% of GDP. Fiscal deficit is projected at Rs 542,499 crore in 2013-14 and the WPI inflation is
pegged at around 6% in 2013-14 as per the report. (News)
Further on macro front, indicating thrust on infrastructure, the Cabinet Committee on Investment (CCI) has cleared
various infrastructure projects worth Rs 58000 crore from Power and Oil & Gas sector. That includes the clearance to
25 exploration and production blocks worth around Rs 25,000 crore for continued exploration of oil and gas and 13
power projects worth Rs 33000 crore. (News)
The Cabinet Committee on Economic Affairs (CCEA) has turned down the proposal of coal price pooling which would
have allowed the prices of domestic and imported coal to be averaged to make the fuel affordable to new power plants.
The proposal was dropped because of the conflict between the coal and power ministries. Coal India (CIL) stock
closed 0.21% down on BSE today.(News)
Continuing with gold rush following a price crash persuaded shares of gold loan companies to appreciate further.
Manappuram Finance was up 3.83% whereas Muthoot Finance gained 1.69% on BSE. (What’s Hot)
Key Quarterly Results declared today
Persistent Systems Ltd: At Rs 51.73 crore standalone Net Profit rose 42.56% whereas 256.35 crore Net Sales
increased 18.42% on YoY basis. On the consolidated basis, the company has posted 25.88% rise in its net profit at Rs
51.88 crore on yoy basis. The stock closed 1.38% up on BSE. (Result)
HDFC Bank: Net Sales increased by 26.20% at Rs 9323.91 crore whereas Net Profit grown by 30.06% at Rs 1889.84
crore on yoy basis. The stock lost 1.41% on BSE today. (Featured Result)
Cairn India Ltd: Net Sales increased by 160732.64% at Rs 2315.99 crore whereas Net Profit grown by 44263.92% at
Rs 1554.57 crore. On the consolidated basis, the company has reported a rise of 17.26% in its net profit at Rs 2563.60
crore on yoy basis.The stock lost 1.45% on BSE. (Result)
Coromandel International Ltd: Net Sales declined by 27.09% whereas Net Profit dipped by 88.81% on yoy basis. The
stock lost 2.25% of its value on BSE today. (Result)
T he market breadth on the BSE closed in negative. Advancing and declining stocks were 1179 and 1248
respectively, while 142 scrips remained unmoved.
The S&P BSE Sensex ended at 19179.36, up 9.53 points or 0.05%. The 30 share index touched a high and a low of
19210.26 and 19042.08 respectively. 15 stocks advanced against 15 declining ones on the benchmark index.
The CNX Nifty gained 2.50 points or 0.04% to settle at 5836.90. The index touched high and low of 5844.30 and
5791.55 respectively. 22 stocks advanced against 28 declining ones on the index.
S&P BSE Sensex CNX Nifty
The S&P BSE Mid-cap index moved down to 6283.69 and lost 0.38% while S&P BSE Small-cap index jumped up by
0.36% to 6051.36.
The broader S&P BSE 500 index decreased to 7272.52 (down 0.04%) and CNX 500 index declined to 4572.40 (down
0.04%).

2. The volatility as denoted by INDIA VIX lost 7.09% at 15.07 from its previous close of 16.22 on Monday.
Sectors in action
On the BSE Sectorial front, Healthcare (up 0.66%), Information Technology (up 0.64%) and Oil & Gas (up 0.51%)
were the top gainers.
Capital Goods (down 1.29%), Consumer Durables (down 1.14%) and Real Estate (down 0.67%) were the top losers.
The Angels and the Devils
Hero MotoCorp Ltd (up 2.87%), Sun Pharmaceutical Industries Ltd (up 2.48%), Bajaj Auto Ltd (up 2.40%), Reliance
Industries Ltd (up 1.74%) and Dr. Reddys Laboratories Ltd (up 1.27%) were the top gainers on the Sensex.
Jindal Steel and Power Ltd (down 3.76%), Larsen And Toubro Ltd (down 2.04%), State Bank of India (down 1.61%),
HDFC Bank (down 1.41%) and Tata Motors Ltd (down 1.37%) were the top losers on the Sensex.
Benchmark Drivers
Reliance Industries Ltd (29.12 points), HDFC Bank (-22.31 points), Larsen And Toubro Ltd (-20.65 points), ICICI Bank
(18.87 points) and State Bank of India (-13.66 points) were the major Sensex drivers today.
On the other end Reliance Industries Ltd (7.45 points), HDFC Bank (-5.31 points), Larsen And Toubro Ltd (-4.84
points), ICICI Bank (4.45 points) and State Bank of India (-3.66 points) were the major Nifty movers today.
Pivot, Supports and Resistance Levels
CNX Nifty is now pivoted at 5824 for next session. The next support is at 5804 and on upside it has a resistance at
5857 levels.
CNX Nifty
Eff. Date S 3 S 2 S 1 PIVOT R 1 R 2 R 3 Actual Close
25-Apr-2013 5751 5772 5804 5824 5857 5877 5910 -
23-Apr-2013 5746 5768 5801 5823 5856 5878 5911 5836.90
22-Apr-2013 5599 5641 5712 5753 5824 5866 5937 5834.40
S&P BSE Sensex has a pivot at 19144 with first level of support and resistance at 19078 and 19246 respectively.
S&P BSE Sensex
Eff. Date S 3 S 2 S 1 PIVOT R 1 R 2 R 3 Actual Close
25-Apr-2013 18909 18976 19078 19144 19246 19312 19414 -
23-Apr-2013 18823 18906 19038 19122 19253 19337 19468 19179.36
22-Apr-2013 18419 18555 18786 18922 19153 19289 19520 19169.83
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