Afternoon Equity Market Overview By CapitalHeight

Equity benchmarks continued to consolidate in noon trade ahead of RBI monetary policy that is scheduled to be on Tuesday. The Sensex gained 16.80 points at 25286.44 and the Nifty rose 12.35 points to 7725.40.
         Oil prices fell as the chances of Middle East producers agreeing to curb overproduction appeared to fade, while U.S. output remains stubbornly high. Front month US West Texas Intermediate (WTI) crude futures were trading at USD 36.30 per barrel, down 1.3 percent or 49 cents from their last settlement. International Brent futures were down 4 percent or 1.63 cents at USD 38.70 a barrel.
          Hindalco Industries topped buying list on Sensex, up 4 percent followed by Infosys, Tata Motors, M&M, Dr Reddy's Labs, Wipro, Bajaj Auto and Tata Steel with more than 1 percent upside. ITC, Lupin and ONGC were down more than 1 percent.

          With inflation under check and government sticking to its fiscal consolidation path, market expectations are that RBI may cut interest rate by up to 0.50 percent in its first bi-monthly monetary policy review for 2016-17 on Tuesday in order to propel growth. The government has also pared the small savings interest rate by up to 1.3 percent providing cushion to the Reserve Bank for cutting the policy rate.        Finance Minister Arun Jaitley too had last week expressed desire that the RBI should cut rate, stating "I want what everybody wants. At this stage if rate cuts do take place it's certainly going to be helpful because you need a more efficient economy and you need a more competitive cost of capital". Bankers said high interest rate could make Indian economy sluggish given that inflation is around 5 percent.

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Day Intraday Trading Tips; Sensex fell 79.75 points to 25262.11

The market has started off April series and financial year 2016-17 on a negative note, tracking weak Asian cues. The Sensex fell 79.75 points to 25262.11 and the Nifty declined 30.05 points to 7708.35 on profit booking.
             Bharti Airtel, GAIL, Hindalco, Tata Steel, M&M, Aurobindo Pharma and BPCL were losers in early trade while BHEL, Wipro, Coal India, ITC, Cipla, Asian Paints, HCL Tech and Wipro gained.
             Shares of MEP Infrastructure Developers rose 3 percent intraday as the company has declared as the successful bidder by National Highways Authority of India (NHAI).

            The word in the media is HCL Technologies could be a likely buyer. It would be looking to acquire 37 percent in Geometric.
              Mumbai-based engineering solutions company Geometric will hold a board meeting today evening to discuss its restructuring options. 

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Accurate Intraday Trading Tips Live Market Overviews

Market Outlook:-

The Sensex is down 57.93 points or 0.2 percent at 23591.29 and the Nifty is down 39.30 points or 0.5 percent at 7152.45. About 211 shares have advanced, 286 shares declined, and 24 shares are unchanged.

      Bajaj Auto, Wipro and Reliance are top gainers while BHEL, Hindalco, L&T, Tata Steel and HDFC are losers in the Sensex. Jet Airways is up 3 percent.

          Shares of Gayatri Projects rallied 5 percent intraday after its subsidiary signed 8-year power purchase agreement with Telangana power distribution companies.

        Thermal Powertech Corporation India (TPCIL) has signed a long term power purchase agreement (PPA) with the Telengana power distribution companies," the Hyderabad-based infrastructure & construction company said in its filing.

          Economic Laws Practice Partner Rohit Jain said since the government is pushing domestic manufacturing, in the next Budget it would be a challenge to do away with exemptions.

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