HDFC Bank

HDFC Bank

Benchmarks were off intraday highs as profit booking emerged following lower-than-expected March GDP data. All the sectoral indices were in the green with realty, FMCG and banks leading the rally on the back on strong cues from Asian peers.

India's economy for the quarter ended March grew at 7.8 per cent against 9.4 per cent in the same period a year ago. The figure is lower than Reuters poll median forecast of 8.2 per cent.

At 11:25 am; Bombay Stock Exchange's Sensex was at 18334.79, up 102.73 points or 0.56 per cent. The 30-share index hit a high of 18417.50 and low of 18266.61 in early trade.

National Stock Exchange's Nifty was at 5505.05, up 31.95 points or 0.58 per cent. The broader index touched a high of 5532.95 and low of 5489.70 in trade so far.

"At present prices have tested the 20-day SMA and have face resistance at that level. Positioning of the momentum oscillators suggests a possible upside after a consolidation.

For coming trading session we maintain our view that if indices trade above 18440 / 5520 levels, then there is high probability that indices may test 185560 - 18798 / 5563 - 5636 levels. On the downside, 18151 - 18012 / 5440 - 5400 levels may act as support for the day," said Angel Broking note.

BSE Midcap Index was up 0.88 per cent and BSE Smallcap Index moved 0.48 per cent higher.

Amongst sectoral indices, BSE FMCG Index was up 1.53 per cent, BSE Realty Index moved 1.49 per cent higher and BSE Healthcare Index advanced 1.02 per cent.

DLF (2.29%), ITC (2.24%), HDFC Bank (1.68%), Jindal Steel (1.37%) and HDFC (1.18%) were the major Sensex gainers.

Reliance Communications (-1.54%), M&M (-1.22%), Hindalco (-0.86%), Cipla (-0.77%) and Bharti Airtel (-0.50%) were the top losers.

Reliance Communications posted consolidated net profit of Rs 1345.65 crore for the year ended March 2011 against Rs 4655 crore a year ago. Net sales were at Rs 22089.39 crore as compared to Rs 20685.05 crore.

Hindalco reported standalone net profit of Rs 2136.92 crore for the year ended March 31, 2011 as compared to Rs 1915.63 crore in the same period a year ago. Net sales were at Rs 23859.21 crore from Rs 19522.09 crore previous fiscal.

Market breadth was positive on the BSE with 1490 advances as compared to 877 declines.

Meanwhile, Asian markets were moved higher even as the US markets were shut. Nikkei 225 was up 1.83 per cent, Hang Seng gained 1.18 per cent and Seoul Composite moved 2.32 per cent higher.