Greece’ fisc health put brakes on bulls

Today's major news

IRDA-SEBI agree to settle row over ULIPs at HLCC

Food inflation inches up to 17.65%

ACC’ Q1 net profit up at Rs405.13 crore; the stock was down 1.30%

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Global signals

European stocks that opened flat turned negative, as banking stocks fell after Greece’s deteriorating financial position made rounds. As of writing this report, FTSE 100 (London) was trading 0.74% lower.

All the major Asian indices except Jakarta Composite (Malaysia), Straits Times (Singapore) and Sensex (India) closed in red. SGX Nifty closed 7 points higher.

US stock futures point towards a marginally higher opening at the Wall Street on Thursday. Earnings of Microsoft will be in focus and investors keep a close watch on US President Brack Obama’s speech that talks of new rules for the Wall Street.

Indian indices

The market ended third day higher witnessing a vitriolic session today— swinging 370 points—on buying in heavyweights such as Reliance Industries and State Bank of India.

What started as a dull session, with the Sensex starting off mere four points higher and sliding into red immediately, turned swashbuckling, as bulls charged to push the index more than 300 points higher on the back of continuous buying in heavyweights such as Reliance Industries, State Bank of India and Tata Motors and on speculation that Indian Metrological Department will have good news about the arrival of monsoon (scheduled for tomorrow). In the process, the bulls brushed aside food Inflation reading that rose to 17.65% for the week ended April 10. However, selling pressure in the last hour and news of deteriorating financial position of Greece gripped market, trimming the gains with the Sensex ending the session merely 101 points higher and Nifty 24 points higher.

Market sentiment

Advancing and trailing shares had an even split, mostly. On BSE, where 1,493 stocks advanced, 1,401 stocks declined. Hundred and three stocks closed unchanged.

Sectoral & stock screening

Oil & Gas and auto stocks witnessed some investor interest with the BSE Oil & Gas and BSE Auto up by 1.25% and 0.90% respectively. After surging for two days in a row, realty stocks were under pressure on profit booking and the sector index, BSE realty, was down by 1.34% for the day.

The picks of the day were State Bank of India (up 5.58%), Rashtriya Chemicals and Fertilisers (higher 4.51%) and UCO Bank (up 4.26%).
The losers’ list included IRB Infrastructure (down 3.94%) followed by Madras Cements (2.92% lower) and HDIL that shed 2.72%.

Viewing volumes

India’s second largest realty developer Unitech was the most actively traded share on third day in a row with over 0.56 crore shares changing hands on the BSE, followed by UCO Bank (0.44 crore shares), steel maker Ispat Industries (0.43 crore shares), wind turbine major Suzlon Energy (0.34 crore shares) and industrial finance company IFCI (0.27 crore shares).