Indian market continues to look steady

Srujani Panda / 10 Oct 2011

Europe has opened in the green and is trading mixed while the Indian market continues to look steady though it has come off the highs of the day. Leading the gainers at this hour are IT and telecom stocks.

The markets have continued the northward movement in the noon deals on the back of buying visible in the heavyweight pockets. 

Benchmark Indices

Index

Rate

% Change

FTSE

5314.21

0.20

DAX

5685.4

0.17

CAC

3102.71

0.23

Hang Seng

17533.8

-0.98

Nikkei

8605.62

0.00

Shanghai

2344.79

-0.61

SENSEX

16452.58

1.36

NIFTY

4951.05

1.29

European stock markets opened in the green as banks gained on hopes for progress over Europe's troubled banking sector.  But nothing much has changed for other Asian peers as they continue to trade in the red.

Back home, most of the SENSEX stocks are trading higher. Tata Motors is the top gainer the stock jumped 5.6 per cent to Rs 168. Tata Power gained 4 per cent to Rs 102. DLF, Sterlite Industries, Tata Steel, HDFC, index bellwether Reliance Industries, Hindalco and ICICI Bank also added 2-3.7 per cent each in trades thus far. Infosys was trading stronger by 1.8 per cent at Rs 2,552 ahead of its quarterly results.

On the other hand, Maruti Suzuki shed 2.3 per cent to Rs 1,087 after the workers at the Manesar plant went on stay-in strike from Friday afternoon affecting production. Larsen & Toubro, Sun Pharma and State Bank of India were also among the notable losers.

Among the individual stocks, Reliance Capital moved up 3 per cent to Rs 332 after announcing completion of the transaction for sale of a 26 per cent stake in Reliance Life Insurance to Nippon Life Insurance. Tata Coffee was trading higher by 5 per cent at Rs 845 on reports that Starbucks Corp is close to finalising an equity joint venture with the company for opening coffee shops in India. TTK prestige is up by 4.5 per cent at Rs 2738.9 on the back of robust Q2 number posted by the company. 

On the sectoral front, all the indices were trading higher. BSE Realty index was the top gainer, up 2.2 per cent to 1,775. Oil & Gas index jumped 1.7 per cent or 143 points to 8,594. Consumer Durables, Auto, IT, Power Metal and Bankex indices also added 0.8-1.6 per cent each. Indiabulls Real Estate was the top gainer among the realty stocks, up 3.5 per cent to Rs 73. HDIL, Sobha Developers, Unitech, Sunteck Realty, Oberoi Realty and Parsvanath Developers were also trading higher by 1.4-3.4 per cent each.The market breadth, indicating the overall health of the market, is positive.

On BSE, 1551 shares rose and 1007 shares fell. A total of 102 shares remained unchanged. In conclusion, we expect the markets would continue its positive performance for the remainder of the day but recommend readers not to blindly buy into this rally. Times are still very gloomy ahead keeping in mind the various macro economic concerns that surround us.

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