Edelweiss, Sales Traders Commentary: 12 Jan 2011

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Sales Traders Commentary

§  On Tuesday, equity benchmarks witnessed a strong pull back in the last minutes of trade and ended flat, led by short covering. Indices bounced back after a sell-off in the previous five sessions; was there short covering in financial, telecom, capital goods, cement and select metal companies.

§  Sensex closed at 19,196, down 27 points, while Nifty slipped 9 points at 5,754.

§  Major gainers were Hindalco Industries (3.46%), Bajaj Auto (3.42%), State Bank Of India (2.51%), Bharat Heavy Electricals (2.35%), Reliance Communications (2.07%), and Hero Honda Motors (1.81%).

§  Major losers were Jaiprakash Associates (2.62%), Tata Consultancy Services (2.58%), Infosys Technologies (1.98%), Jindal Steel & Power (1.69%), Reliance Industries (1.62%), and Tata Motors (1.52%)

§  The Bankex was up 1.24%. Major gainers were Indusind Bank (4.50%),Yes Bank (4.02%), Axis Bank (3.3%), State Bank of India (2.51%), and Punjab National Bank (1.76%).

§  The Auto index up 0.37%. Major gainers were Baja Auto (3.42%), Hero Honda (1.81%), Amtek Auto (1.77%), M&M (0.86%), Exide Industries (0.47%).

§  The Metal index up 0.22%. Major gainers were Hindalco (3.46%), Hindustan Zinc (3.19%), Sesa Goa (2.99%), Jindal Saw (1.62%), NMDC (0.17%), and Sterlite Industries (0.15%).

§  Major losers in the mid cap space were Aban Offshore (2.76%), Alstom Projects India (2.75%), A2Z Maintenance & Engineering Services (1.96%), ABG Shipyard (1.74%), and AIA Engineering (0.13%).

§  Major losers amongst small caps were Provogue (India) (5.01%), Abhishek Industries (1.57%), Adhunik Metaliks (1.08%), Aarti Industries (0.95%), and A B G Infralogistics (0.83%).

§  Globally, Asian indices ended mixed, while European indices were trading higher.