In weak global cues, Indian market unable to show any recovery and closes with marginal loses. SENSEX closed at 17591, down 48 points (provisional) and nifty at 5262, down 11 points from the previous close. CNX MIDCAP index was down 0.40% and BSE SMALLCAP index was down 0.20%. The market breadth was negative with advances at 451 against declines of 826 on the NSE. Top gainers included ITC, TATASTEEL, TATAMOTORS, SUNPHARMA, ICICIBANK, SAIL and GAIL. Top losers are listed as JAIPRA, DLF, HEROHONDA, BHEL and GRASIM.

Next Day Trading Session:

Nifty should be considered in correction mode as long as trading below 5333 level. It has a strong support around 5190-5206. Traders are suggested to follow the strategy of selling at gains. AUTO and BANKING SECTOR may face selling pressure in the next session

Weekly Techno Funda Calls

Due to volatility in the International markets, we are not providing Weekly Techno-Funda calls for the coming week

Fundamental Picks

Investors having a horizon of 6-12 months can buy the following companies. The companies have a potential to give higher returns than index over a long term.

Engineers India Ltd. has achieved its target of Rs 2400, call given at Rs 1610, so we suggest partial profit booking to our clients.

Corporate Highlights

Thermax Ltd has received a turnkey order valued at Rs. 580 crore for a gas based combined cycle power project from a petrochemical major in India for its aromatic complex in a SEZ.

JSW Energy Ltd has acquired a majority Shareholding in South African Coal Mining Holding Limited.

Reliance provides growth capital to Deccan 360 as a strategic investor

Aurobindo Pharma receives approvals for Cefprozil Tablets and PFOS from Health Canada

Anu's Laboratories Ltd has acquired all the assets including land, building, plant & machinery of M/s Stilbene Chemicals

Ltd. located at Pydibhimavaram, Srikakulam District, Andhra Pradesh

Omaxe Ltd has been awarded with the contract to construct the Package I - Medical Collage Complex at All India Institute of Medical Sciences (AIIMS), Rishikesh, Uttarakhand. The contract which is awarded by Ministry of Health & Family welfare, Govt. of India, is pegged at Rs. 64.80 crore.

M&M and Renault announce restructuring of their JV Mahindra Renault Pvt. Ltd. (MRPL)

TCM Ltd has said that a meeting of Board of Directors of the Company will be held on April 30, 2010, to consider and, if thought fit, to approve a rights issue of equity shares of the Company.

Everest Industries Ltd has said that a meeting of the Board of Directors of the Company will be held on April 24, 2010, to take on record the Audited Financial Results of the Company for the Financial Year ended March 31, 2010; and declaration of dividend, if any.