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Market Updates :  

Sensex, Nifty at 2-1/2-week closing lows

Sensex provisionally down 1.84%; breadth weak

Key benchmark indices extended losses for the third straight day to dive to 2-1/2-week closing lows as world stocks fell on growing fears about the spreading of the euro-zonedebt crisis to large European economies such as Italy and Spain. Data showing slower-than-expected growth in industrial production in May 2011 and a downward revision inindustrial production growth for April 2011 also hit sentiment. The BSE Sensex lost 309.77 points or 1.65%, up 85.2 points from the day's low and off 177.57 points from the day's high. The 50-unit S&P CNX Nifty regained 5,500 mark after falling below that level in intradaytrade. The market breadth was weak.

The BSE Sensex has now lost 666.68 points or 3.49% in three trading sessions from a recent high of 19,078.30 on 7 July 2011.

Coming back to today's trade, all the 13-sectoral indices on BSE edged lower. Index heavyweight Reliance Industries (RIL) slipped in volatile trade. IT bellwether Infosys dropped after reporting a sequential fall in Q1 June 2011 consolidated net profit before trading hours today, 12 July 2011. Bank stocks fell in choppy trade as financials fell across Asia and Europe for the second day in a row on fears about the spread of Europe's debt crisis. Auto stocks fell on profit taking. Telecom pivotals also declined. Interest rate sensitive realty shares declined on fears high interest rates will hit property demand.

Mining and metal stocks extended their recent slide triggered by reports a panel of ministers has approved the draft Mining Bill, which calls for miners to give to local communities an amount equivalent to royalties so as to compensate people displaced by such projects. Sugar shares retreated after the Food Minister K V Thomas reportedly ruled out additional sugar exports to ensure sufficient supplies for meeting festival demands in the coming months

High intraday volatility was the order of the day as the key benchmark indices tumbled to two-week lows as world stocks fell on growing fears about the spreading of the euro-zone debt crisis to large European economies such as Italy and Spain. Data showing slower-than-expected growth in industrial production in May 2011 and a downward revision in industrial production growth for April 2011 also hit sentiment. The BSE Sensex was provisionally down 344.56 points or 1.84%, up 50.41 points from the day's low and off 212.36 points from the day's high. The 50-unit S&P CNX Nifty regained 5,500 mark after falling below that level in intraday trade. The market breadth was weak.

All the 13-sectoral indices on BSE edged lower. IT bellwether Infosys dropped after reporting a sequential fall in Q1 June 2011 consolidated net profit before trading hours today, 12 July 2011. Banking stocks fell in choppy trade as financials fell across Asia and Europe for the second day in a row on fears about the spread of Europe's debt crisis. Auto stocks fell on profit taking. Telecom pivotals also declined.

Nifty Future If Closes Below 5221.Then Sharp Decline Would Be Seen From 5221--5109--5054--4976--4900--4786.  

Markets came under heavy selling pressure with both benchmark indices losing more than 1.75% in today's trade. Weakness was there across all sectors and IT, realty, auto, capital goods and consumer durables were the worst hit. The Sensex closed at 18377 (provisional), down 344 points from its previous close, and the Nifty closed at 5515 (provisional), down 101 points. The CNX Midcap index was down 1.2% and the BSE Smallcap index lost 1%. The market breadth was negative with advances at 338 against declines of 976 on the NSE.

Short Term Calls : Future Calls  

Tvs Motors Look Good With SL 46, Tgt 53--56.50--59--63, CMP 51.40

Positional Call Buy Bank Nifty @ 11085--11095, SL 10925, Tgt 11200--11450---11600 For 2-3 Days.

Past Perfomances :   

Adanipower Can Buy With SL 102, Tgt 111--115--119--123, CMP @ 107.85., CLOSE @ 109.

Ranbaxy Can Buy Above 560, Tgt 573--579--584--590--598.

Bombay Dyeing Buy With SL 360 (C.B.) Tgt 382--388--396--406--420, CMP 374.55. High 383

July Month :    
Open : 5700.20 
High : 5751.60
Low : 5605.10
Close: 5539.95
Avg. : 5623.48

Yearly (2011) :       
Open : 6202.10       
High : 6209.90      
Low : 5175.10      
Close: 5539.95
Avg. : 5781.76

NIFTY FUTURE     

R5 : 5636
R4 : 5618
R3 : 5596
R2 : 5579
R1 : 5558

CMP: 5539.95

S1 : 5518
S2 : 5492
S3 : 5476
S4 : 5458
S5 : 5416

SKS Microfinance leads gainers in 'A' group.

JSW Energy, Emami, Glenmark Pharmaceuticals and Coal India are among the other gainers.

Shares of microfinance firm SKS Microfinance spurted 8.31% to Rs 587.60, extending its rally for the fourth straight session triggered by the finance ministry releasing the draft of a bill aimed at developing and regulating microfinance institutions. The stock topped the gainers in the BSE's 'A' group.

Shares of SKS Microfinance have surged 71.56% in just four trading sessions from a recent low of Rs 342.50 on 6 July 2011, after the release of the draft microfinance bill by thegovernment after trading hours on 6 July 2011.

Power generation firm JSW Energy surged 4.75% to Rs 70.55. The stock was second biggest gainer in 'A' group. JSW Energy is one of the eight stocks that will enter theNational Stock Exchange's futures & options segments. The introduction date and market lot of the new securities will be announced through a separate circular, National Stock Exchange (NSE) said in its circular on Monday, 11 July 2011.

Typically, stocks about to enter the futures and options (F&O) segment gain ground due to expectations of improved liquidity and absence of circuit filters in the F&O segment.

Skin care products maker Emami jumped 3.51% to Rs 516.40. The stock was third biggest gainer in 'A' group. Emami will reportedly invest Rs 65 crore to set up India's first ayush gram at Bhawali town of Uttarakhand, which the company hopes has the potential to become a major tourist attraction. According to reports, the ayush gram would include an ayurvedic hospital, a 3-star hotel, a tree house, a herbal garden, yoga and meditationcentre, independent cottages, spa, and an ayurvedic museum.

Glenmark Pharmaceuticals galloped 2.43% to Rs 313.75. The stock was fourth biggest gainer in 'A' group. Glenmark Pharmaceuticals, during trading hours today, 12 July 2011, said that the firm has received the second and final upfront payment of $25 million. The payment is a part of the GBR 500 deal signed by the company in May 2011. With this payment, Glenmark has now received the entire upfront payment of $50 million from Sanofi pertaining to the GBR 500 deal.

State-run coal miner Coal India rose 2.33% to Rs 365.20 on bargain hunting after a two-day 9.47% slump triggered by reports the draft Mining Bill requires coal miners to share 26% of their project's profits with local communities so as to compensate people affected by such projects. The stock was fifth biggest gainer in 'A' group.

According to the reports, the draft Mining Bill will now go to the Cabinet for approval. The bill requires parliamentary approval after passing by the Cabinet to become a law.

Note : Data From Capital Market.com

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