Sales Traders Commentary- March 11, 2011- Edelweiss

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Sales Traders Commentary

§  Benchmark indices  retreated on the back of weak global cues on Thursday, reacting to endless tensions in the Middle East and North Africa, especially in Libya, which pushed oil prices higher yesterday.

§  The Sensex fell 141.97 points to 18327.98 and the Nifty dropped 36.60 points to settle at 5494.40.

§  Gainers were D L F (1.35%), Hero Honda Motors (1.21%), Reliance Energy (0.93%), Reliance Communications (0.76%), Maruti Suzuki India (0.54%), and Bharat Heavy Electricals (0.34%).

§  Losers were Hindalco Industries (2.54%), Tata Power Company (2.38%), Tata Steel (2.26%), I C I C I Bank (1.91%), State Bank of India (1.60%), and NTPC (1.57%) .

§  The Metal space was down 1.5%. Major losers were JSW Steel (2.99%), Hindalco Industries (2.54%), Jindal Saw (2.1%), Hindustan Zinc (1.71%), and Jindal Steel & Power (1.55%).

§  The Bankex dipped 1.28%. Major losers were Canara Bank (1.64%), Federal Bank (1.22%), Bank of India (1.17%), Bank of Baroda (0.53%) and H D F C Bank (0.16%).

§  The Power space evinced good buying interest . Crompton Greaves (up 3.17%), Kalpataru Power (up 2.85%), Alstom Projects (up 6.19%), EMCO (up 2.12%), ABB (up 2.57%), and Bharat Heavy Electricals (up 0.29%) made gains.

§  In the mid-cap space, Shree Global, MTNL, Alstom Projects, P&G and EID Parry gained 6-9% while Ramky Infra, Kirloskar Oil, A2Z Maintenance, Rei Agro, and Essar Shipping lost 3-6%.

§  In the small-cap space, Gokaldas Export shot up 20% and Midfield Industries rallied 10%. Ester Inds, Symphony and Shilpa rose 8-9% whereas Genesys Intl, Urja Global, CCL Products, Parrys Sugar and BS TransComm slipped 6-11%.

§  Globally, Asian indices ended on a mixed note, while Europe was trading flat.