Edelweiss, Sales Traders Commentary: Feb 28, 2011

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Sales Traders Commentary

§  On Friday, equity benchmarks witnessed a strong pull back in the last half hour of trade and ended on a small gain, led by short covering. Indices bounced back after a sell-off in previous sessions; short covering was seen in financials, FMCG, Auto, Consumer Durable and PSU companies.

§  The Sensex closed at 17700, up 68 points, while the Nifty ended at 5303, up 41 points.

§  Major gainers were Tata Motors (3.21%), I T C (2.90%), I C I C I Bank (2.57%), State Bank of India (1.88%), Wipro (1.62%), and Jindal Steel & Power (1.05%).

§  Major losers were Reliance Communications (4.92%), Reliance Energy (4.52%), Hindalco Industries (3.12%), Mahindra & Mahindra (3.07%), Sterlite Industries (India) (1.65%), and H D F C Bank (1.39%).

§  The FMCG index was up 2.20%. Major gainers were Godrej Consumer Products (3.43%), I T C (2.9%), Dabur India (0.71%), Colgate-Palmolive (India) (0.6%), and United Breweries (0.06%).

§  The Bankex index gained 1.86%. Major gainers were Bank of India (3.84%), Canara Bank (3.59%), ICICI Bank (3.55%), Axis Bank (3.29%), State Bank of India (2.09%) and Punjab National Bank (1.51%).

§  The Auto index was up 0.75%. Major gainers were Tata Motors (4.43%), Cummins India (2.80%), Exide Industries (1.29%), Apollo Tyres (1.03%) and Hero Honda (0.66%).

§  The IT index was down 0.62%. Major losers were Mphasis (27.29%), Tech Mahindra (1.61%), Oracle Financial Services Software (1.21%), Core Projects and Technologies (0.93%) and Infosys Technologies (0.5%).

§  The Metal index was down 0.55%. Major losers were Jindal Saw (4.32%), Hindalco Industries (3.12%), Hindustan Zinc (2.42%), Bhushan Steel (1.67%) and JSW Steel (0.28%).

§  Major losers in the mid cap space were A B G Shipyard (3.33%), Alfa-Laval (India) (2.83%), Alstom Projects India (1.99%), Core Projects and Technologies (0.93%) and A I A Engineering (0.14%).

§  Major losers amongst small caps were Provogue (India) (2.6%), Abhishek Industries (1.5%), Aarti Industries (1.13%), INEOS ABS (India) (0.26%) and A K Capital Services (0.21%).

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