Markets trading on a flat note
Srujani Panda / 14 Oct 2011
The Indian markets are trading on a flat note. The benchmark is getting support from Oil and Gas, IT and Teck stocks. Wholesale-price index of September rose 9.72 per versus 9.78 per cent in August. Inflation is unlikely to come off any time soon and we may see a 25 basis point rate hike on October 25, 2011.
European markets are trading in a very narrow range after Credit- rating downgrade of Spain’s long term sovereign credit to AA- from AA by S&P has fuelled fresh concern over the euro region’s debt crisis. Other Asian markets continued their losses as data showed Chinese inflation eased slightly in September but remains at uncomfortably high levels.
Back Home on the sectoral front, BSE Oil and Gas, IT and Teck Indices showed some strength and were up in the range of 1 to 1.50 per cent. While Metals and Realty were the indices which were pulling down the market.
Stock specific movements include Reliance Industries which is up 1.5 per cent at Rs 858.85 ahead of its Q2 results which are going to be announced tomorrow. BSE stocks like Jindal steel, TCS, Wipro were also among the lead gainers. On the other hand Coal India continued its losses, trading down 3.5 per cent at Rs 320.55. DLF, Sterlite Inds, Tata Steel were also trading down 3 per cent. Century textiles and Industries is trading 2.20 per cent higher at Rs 311.60 after the management approved the long awaited merger of cement business with Ultratech cement. Zenith Infotech has hit its lower circuit of 10 per cent at Rs 83.90 for the day after the company said that it has defaulted on its US$33 million foreign currency convertible bonds (FCCB) payment which was due on September 21, 2011.
Andhra Pradesh Paper Mills reported net loss of Rs 92.70 crore in the quarter ended September 2011 against net profit of Rs 12.16 crore during the previous quarter ended September 2010. Sales rose 14.29 per cent to Rs 203.92 crore in the quarter ended September 2011.
Gateway Distriparks Top-line surged by 45.18 per cent to Rs 58.93 crore in the quarter ended September 2011 while its bottom line increased by 11.46 per cent to Rs 22.57 crore.
The market breadth, indicating the overall health of the market, is negative. On BSE, 1493 shares fell and 1097 shares rose. A total of 118 shares remained unchanged.
In conclusion, we expect the markets to behave in a volatile manner towards the end of the day as there are some speculative concerns looming over from Euro zone. Also markets will now keenly wait for the RBI’s monetary policy review on 25th Oct 2011.
| Benchmark Indices | ||
| Index | Rate | % Change |
| FTSE | 5419.7 | 0.30 |
| DAX | 5924.18 | 0.16 |
| CAC | 3202.99 | 0.50 |
| Hang Seng | 18449.4 | -1.64 |
| Nikkei | 8747.96 | -0.85 |
| Shanghai | 2431.37 | -0.30 |
| SENSEX | 16958 | 0.44 |
| NIFTY | 5095.1 | 0.34 |
European markets are trading in a very narrow range after Credit- rating downgrade of Spain’s long term sovereign credit to AA- from AA by S&P has fuelled fresh concern over the euro region’s debt crisis. Other Asian markets continued their losses as data showed Chinese inflation eased slightly in September but remains at uncomfortably high levels.
Back Home on the sectoral front, BSE Oil and Gas, IT and Teck Indices showed some strength and were up in the range of 1 to 1.50 per cent. While Metals and Realty were the indices which were pulling down the market.
Stock specific movements include Reliance Industries which is up 1.5 per cent at Rs 858.85 ahead of its Q2 results which are going to be announced tomorrow. BSE stocks like Jindal steel, TCS, Wipro were also among the lead gainers. On the other hand Coal India continued its losses, trading down 3.5 per cent at Rs 320.55. DLF, Sterlite Inds, Tata Steel were also trading down 3 per cent. Century textiles and Industries is trading 2.20 per cent higher at Rs 311.60 after the management approved the long awaited merger of cement business with Ultratech cement. Zenith Infotech has hit its lower circuit of 10 per cent at Rs 83.90 for the day after the company said that it has defaulted on its US$33 million foreign currency convertible bonds (FCCB) payment which was due on September 21, 2011.
Andhra Pradesh Paper Mills reported net loss of Rs 92.70 crore in the quarter ended September 2011 against net profit of Rs 12.16 crore during the previous quarter ended September 2010. Sales rose 14.29 per cent to Rs 203.92 crore in the quarter ended September 2011.
Gateway Distriparks Top-line surged by 45.18 per cent to Rs 58.93 crore in the quarter ended September 2011 while its bottom line increased by 11.46 per cent to Rs 22.57 crore.
The market breadth, indicating the overall health of the market, is negative. On BSE, 1493 shares fell and 1097 shares rose. A total of 118 shares remained unchanged.
In conclusion, we expect the markets to behave in a volatile manner towards the end of the day as there are some speculative concerns looming over from Euro zone. Also markets will now keenly wait for the RBI’s monetary policy review on 25th Oct 2011.
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