Indian indices, after a positive opening traded in a small range. SENSEX closed at 17745, up 51 points and Nifty is at 5322, up 18 points from the previous close. CNX MIDCAP index closed up 0.48% and BSE SMALLCAP index is up 0.41%. The market breadth is positive with advances at 677 against declines of 586 on the NSE. Metals witnessed huge buying while OIL-GAS and REALITY face profit booking. Top gainers included STERLITE, HDFC, HINDALCO, M&M, AXISBANK and JINDALSTEL. Top losers included SUNPHARMA, DLF, MARUTI, RIL, ICICIBANK and RANBAXY.

Next Day Trading Session:

In the next session NIFTY is expected to trade in the range 5290-5350. Breaking of levels either side may decide market trend. Traders are suggested to buy at dips as long as NIFTY is trading above 5290. Being F&O expiry week market is expected to remain volatile. METALS may attract more buying while AUTO STOCKS may face profit booking.

Corporate Highlights

Tata Communications has announced further expansion of its network into Russia via a local Moscow point of presence. As the brand sets its sights on the growing demand for telecom services in Russia and the Commonwealth of Independent States (CIS), its local presence in this geography further reinforces its focus on emerging markets.

Bafna Pharmaceuticals has inaugurated its Research and Development (Formulation) (FR&D) facility, a pilot plant in Chennai to facilitate the development of pharmaceutical formulations and to cater to the needs of the global clientele of Bafna Pharma.

Jaihind Projects has secured order from Bangalore Water Supply and Sewerage Board worth Rs. 55.49 crore for providing sewerage system to erstwhile Bytarayanapura CMC Area (Zone 2A) under KMRP-GBS-2A.

EID Parry India has entered into a definitive agreement with GMR Holdings to acquire majority equity stake in GMR Industries, the agri-business entity of GMR Group. GMR Group will divest a majority equity stake such that post the mandatory open offer
(as per SEBI regulations), EID Parry would hold a minimum 65% equity stake in GMR Industries.

XL Telecom & Energy has received order valued over Rs. 19.70 crore for supply of export of solar panels to the European market.

Gujarat NRE Coking Coal, the Australian subsidiary of Gujarat NRE Coke has entered into a contract with Joy Manufacturing Company for the supply of long wall systems. The contract is estimated for a total value of $90 million approximately.

Divis Laboratories has received letter of approval from the Development Commissioner, Visakhapatnam Special Economic Zone, for setting up and development of a new manufacturing unit in Special Economic Zone for pharma ingredients. The project cost is estimated at Rs. 200 crore.

The committee of Marg in its meeting on 26 April 2010 has approved to place equity shares for an amount not exceeding Rs.
150 crore under QIP