Nifty Chart

If Nifty closes above 5180, market could see 5400. And, If nifty closes below 5180, Market may slip to 5000.

Sensex is now at 17,380

Sensex is now at 17,380, down 110 points from the previous close. Nifty is at 5165, down 26 points. CNX Midcap index is down 0.25% and BSE Smallap index, down 0.27%. Market breadth has turned negative, with 466 advances against 717 declines on the NSE

As long as Adlabs stays above Rs 650, one can expect it to continue to move up, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. But as it approaches Rs 900, it will face stiff resistance and it will take a long time to cross Rs 930, he adds. The stock is currently trading at Rs 762.10, down 1.1% on the BSE

JP Morgan is overweight on BILT and has a target price of Rs 47 on the stock, reports NDTV Profit. It is currently trading at Rs 34.25, up 2.9% on the BSE

Mutual fund assets jump 7% in April

With the market staging a gradual recovery, the mutual fund industry recouped as well with its assets growing by Rs 36,584 crore in the past month.

The combined assets under management of all the fund houses soared to Rs 5,65,441.03 crore at the end of April as against Rs 5,28,857.07 crore in the previous month, according to latest data available on the Association of Mutual Funds in India (AMFI).

Experts believe the growth in the mutual fund assets is due to attractive valuations of the stocks after the correction in March.

Reliance Mutual fund, which had also seen its assets fall in the previous month, retained its position as the top fund house in the country.

However at the end of April, there was a jump of Rs 5,448.46 crore in the AUM of Reliance MF which stood at Rs 96,386.40 crore compared to previous month’s Rs 90,937.94 crore.

ICICI Prudential follows at the second position with its assets growing by Rs 1,386 crore to Rs 55,708.52 crore in April.

Assets of state-run UTI MF increased to Rs 52,549.40 crore in April and it continues to be at the third place amongst the fund houses.

Among the top five mutual funds HDFCMF and Franklin Templeton’s AUMs also increased to Rs 51,770.81 crore and Rs 28, 631.63 crore, respectively.

However, Reliance MF, which was aiming to become the first fund house in the country to cross the Rs one trillion mark in assets under management, fell short by less than Rs 4,000 crore. Prior to the release of AUM figures, media reports had said Reliance MF had achieved the Rs 1 trillion mark in AUM in the last month.

In April, mutual funds have been net buyers in the equity Markets worth Rs 160.70 crore.

India's Rupee Falls as Oil Near Record Stokes Demand for Dollar

India’s rupee fell on speculation the country’s refiners will increase dollar purchases to pay for imports of crude oil after the commodity rose to a record.

The currency declined to near a seven-week low after oil price in New York rose to an all-time high $120.36 per barrel yesterday, stoking concern a rising import bill will widen India’s trade and current account deficits. The rupee also dropped on concern equity losses will prompt funds based abroad to slow investments in the nation’s financial market.

``With crude at $120, oil-related bids are coming in for the dollar,’’ said Vikas Babu, a foreign-exchange trader at state-owned Andhra Bank in Mumbai. ``That has kept the rupee under pressure. The market is factoring in some oil-fueled deterioration in the trade and current account balances.’’

The rupee weakened 0.2 percent to 40.68 per dollar as of 11:10 a.m. in Mumbai, according to data compiled by Bloomberg. Its 3.1 percent loss this year is the second-worst performance among the most-traded Asian currencies, after the South Korean won. The rupee’s three-month decline through April is its longest losing streak since May 2006.

Overseas purchases of oil by Asia’s third-largest economy, which imports three-quarters of its energy needs, climbed to a record $8.6 billion in March as the commodity became costlier, government data show. Crude oil has gained 95 percent in the past 12 months, according to Bloomberg data.

The South Asian nation’s trade deficit, the amount by which its imports exceed exports, rose to a record $25.4 billion in the three months through December, according to the central bank. The current account shortfall, a measure of trade and investment flows, increased to $5.4 billion in the same quarter from $4.7 billion in the previous three months.

Falling Stocks

The rupee also weakened as the nation’s benchmark share index declined for a second day, adding to concern funds based abroad will reduce investments in local assets.

The Bombay Stock Exchange’s Sensitive Index, or Sensex, lost as much as 0.7 percent today, following yesterday’s 0.6 percent decline. The MSCI Asia Pacific excluding Japan Index lost 0.2 percent.

``The negative trend in the Sensex is also damping the sentiment on the rupee,’’ Andhra Bank’s Babu said.

Global investors sold Indian equities worth $2.4 billion more than they bought this year, after making net purchases worth a record $17.2 billion in 2007, according to the Securities and Exchange Board of India, the Mumbai-based capital markets regulator.

Stocks Pick

Unitech has the potential to go upto Rs 350-355, so continue to hold the stock with a stoploss of Rs 315, says Sudhanshu Pandey of LKP Shares, on NDTV Profit. It is currently trading at Rs 327.30, down 1.1% on the BSE

Kotak Mahindra Bank is a hold at current levels, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. The stock has short to medium term support at Rs 740 and may face resistance at Rs 955, he adds. It is currently trading at Rs 853, down 1.9% on the BSE

Indian Bank can go up to Rs 167 and probably Rs 180 too, says Ashwani Gujral, technical analyst, on CNBC-TV18. It has support at Rs 137, he adds. It is currently trading at Rs 151.30, down 0.13% on the BSE.

HCC is a buy on dips or even at current levels, says Sudhanshu Pandey of LKP Shares, on NDTV Profit. The stock can go up to Rs 180-185 in two months or sooner, he adds. It is currently trading at Rs 148, up 2.4% on the BSE.

The market has fallen further.

The market has fallen further. Sensex is at 17,346, down 143 points from the previous close. Nifty is at 5161, down 30 points. CNX Midcap index is down 0.4% and BSE Smallcap index is down 0.2%. FMCG stocks are popular today, while realty stocks are being dumped

There seems to be a positive undercurrent in the Gujarat NRE Coke, which is holding it, says Mandar Jamsandekar of Precision Technicals, on NDTV Profit. One can continue to hold the stock with a trailing stoploss of Rs 140, he suggests. The stock is currently trading at Rs 157.30, up 0.5% on the BSE

One can look at averaging or buying Reliance Communications at Rs 485-500, says Gaurang Shah of Geojit Financial Services, on Zee Business. It is a good stock, in a good sector, he adds. It is currently trading at Rs 552, down 0.4% on the BSE

Mkt trading weak; Bharti Airtel, Maruti top losers

The markets continue to trade quiet on low volumes with negative bias. The BSE realty, IT, auto indices are witnessing selling pressure while FMCG, consumer durable and metal stocks are trading positive.

At 10.40 am, the Sensex is down 114.12 points or 0.65% at 17376.78, and the Nifty down 25.70 points or 0.49% at 5166.55.

About 1383 shares have advanced, 1472 shares declined, and 229 shares are unchanged.

ITC, Cipla, ONGC, Cairn India and Sterlite Ind are top gainers on the bourses.

Bharti Airtel, Maruti Suzuki, M&M and Unitech are top losers on the bourses.

Most active shares on BSE are Bharti Airtel, Rel Capital and DLF.