Morning Bell!!!........S&P downgraded Spain's credit rating,Fitch cut ratings of top UK banks

The Indian market has got off to a cautious start, with the BSE Sensex and the NSE Nifty posting modest gains in early morning trade amid anxiety ahead of today's important inflation numbers. The undertone is also guarded due to weakness in overseas markets. S&P downgraded Spain's credit rating by one notch while Fitch cut ratings of top UK banks and warned about possible downgrade of a number of other top banks.

A warning from the ECB against asking private Eurozone bondholders to take higher haircuts coupled with disappointing Chinese trade data is also weighing on the sentiment. Lower-than-expected earnings from US banking giant JP Morgan has also prompted investors to take a step back following the recent advance.

RIL,Siemens, NTPC, Wipro, Tata Power,Sun Pharma,Jindal Steel,ITC,Ranbaxy, TCS, Cipla were among the notable leaders in the Sensex and the Nifty.

DLF, Coal India, Hindalco Inds, Maruti Suzuki,Tata Steel, ONGC, ACC, HDFC were amongthe notable losers in the Sensex and the Nifty.

Coming back to the Indian markets, the indices seem to be holding on to slim gains after consolidating in the previous session. Indian stocks had rallied on Wednesday, notwithstanding another dour IIP report, as IT major Infosys came out with strong earnings and improved guidance.

Market breadth is positive so far as most indices on the BSE are trading in the positive terrain. Only the BSE Realty index and the BSE Metal index are in the red. The Small-Cap and Mid-Cap indices too are up marginally.

Results Today

Geojit BNP Paribas Financial Services, Balaji Telefilms, Heidelberg Cement, Infomedia 18, Gateway Distriparks, Reliance Industrial Infra, RS Software

Stock In NEWS

- SpiceJet board allots 3.5 crore shares to Kalanithi Maran at Rs 36.48/sh (CMP: 21.05); promoters stake to go up from 38.6% to 43%

- PE firm Carlyle & Advent in race to pick up British Telecom’s 23.2% stake in Tech Mahindra – TOI

- HDFC AMC under SEBI scanner for shady trades; market regulator looking into call records & trade data of some members of fund management (ET)

- Reliance Infra in talks to buy Rs 2000 crore road projects in Tamil Nadu & Karnataka (ET)

- Century Textiles cement business set to merge with Ultratech (BS)

- MPS makes an Open offer to acquire 33 lakh shares at Rs 37/sh (CMP: 37)

- State Cos may be allowed to buy back govt stakes (FE)

Source:- Moneycontrol



KEY INDICES

SENSEX 16927.14 43.22 (0.26%)

NIFTY 5085.35 7.50 (0.15%)
CNX Midcap 7102.60 -3.80 (-0.05%)