Interest rate sensitive auto stocks up
Srujani Panda / 11 Oct 2011
index heavyweight Reliance Industries (RIL) gave up almost all the intraday gains and as IT stocks fell on profit taking. Anil Dhirubhai Ambani Group shares edged higher. Interest rate sensitive auto stocks rose on hopes a slowing economy could prompt the RBI to pause on rate increases this month. Capital goods stocks edged higher.
| Index | Rate | % Change |
| FTSE | 5360.01 | -0.61 |
| DAX | 5804.8 | -0.7 |
| CAC | 3130.57 | -0.8 |
| Hang Seng | 18141.59 | 2.43 |
| Nikkei | 8773.68 | 1.95 |
| Shanghai | 2348.52 | 0.16 |
| SENSEX | 16555.48 | -0.01 |
| NIFTY | 4976.45 | -0.06 |
European stock markets have fallen in early trades as investors await a decision on expanding the EFSF rescue fund by Slovakia -- the last euro zone country to vote on the plan. Now according to unconfirmed sources the vote carries risk of failure as one of the four parties to the coalition has threatened to vote against the enhancement in power of EFSF. However other Asian shares are trading high on a strong note.
Back home, among the SENSEX stocks Bharti Airtel is the top gainer up 3.6 per cent to Rs 376.65 on the back of positives delivered by the new draft telecom guidelines. Tata Motors gained 3.4 per cent to Rs 176.45. Jindal Steel, NTPC, Hindalco, L&T and Sun Pharma also added 2-3 per cent each in trades thus far.
On the other hand, Infosys is seen trading down by 3.41 per cent at Rs 2,503 ahead of its quarterly results. ONGC, TCS, HUL and Sterlite are also among the notable losers.
The market breadth, indicating the overall health of the market, is positive. On BSE, 1475 shares rose and 1147 shares fell. A total of 114 shares remained unchanged.
In conclusion, we expect the markets to become volatile towards the end of the day as there are some speculative concerns looming over the euro zone.
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