IntradayTrade dot Net
Market Report

Wednesday, 22-Feb-2012

NSE

  • The markets traded with moderate declines in morning but came under severe selling pressure in the afternoon to close with significant downside. Barring IT, all sectoral indices closed negative with realty being the worst performer. Other sectors with substantial declines included consumer durables, metal, banking and power. The Sensex closed at 18145, down 283 points from its previous close, and the Nifty shut shop at 5505, down 102 points.

  • The top Nifty gainers today were Sun Pharma, ITC, TCS and ONGC while the biggest losers included Reliance Communications, SBI, DLF and Sterlite Industries.

  • Overall earnings have been a mixed bag, says Jyotivardhan Jaipuria of BoAML on CNBC TV18. While aggregate profit growth for Sensex companies came in below estimates at 8.8% & margins fell to 16.4%, net profit growth was higher at 6% led by Tata Motors, he adds. The FY12 Sensex EPS estimate remains unchanged at Rs 1100 but we have upgraded FY13 estimates to Rs 1290, he says.

  • FY12 growth is seen at 7.1% and WPI inflation is seen at 6.5% in March, says C Rangarajan, chairman of the Prime Minister's Economic Advisory Council, reports NDTV Profit. FY13 growth is seen at 7.5-8%, he adds. FY12 fiscal deficit is seen higher on rising subsidy bill and FY12 trade deficit is to widen, says C Rangarajan, reports NDTV Profit. FY12 gold imports is seen at $58 billion and we expect record food grain output this year, he adds.

  • Revisions trends and macro data suggests that EPS growth may have bottomed and economic growth too seems to be troughing, as suggested by the rebound in the PMI indicators in January, says Parul Saini of RBS on CNBC TV18. He believes that the core manufacturing inflation moderated to 6.7% in January and should help the case for policy rate cuts by the RBI. We are currently forecasting 15-16% EPS growth for MSCI India in FY13, he adds.

NIFTY 3-Month