Mid Market update @10:30 AM
Shrikant / 21 Oct 2011
Mid Session Commentary 21th October 2011 (10:30AM)
As mentioned in our morning update markets have opened on a flat note and indicating another volatile day on the streets. The general mood, across the bourses, appeared cautious ahead of a possible solution to European debt crisis next week. Meanwhile the rupee has depreciated to Rs 50.08 per dollar, as investors flock towards the dollar as an investment heaven at such uncertain times. Interest rate sensitive sectors such Realty is seen under pressure, while Capital goods is seen up by 1.54 per cent ahead of second quarter results from the index heavy weight Larsen and Toubro.
Asian markets are also seen showing mixed trend at this hour of the day. Nikkei, Hang Seng and Shanghai indices are trading in red while KOSPI is trading in green.
| Benchmark Indices | ||
| Index | Rate | % Change |
| Hang Seng | 17,978.77 | -0.02 |
| Nikkei | 8,669.60 | -0.14 |
| Shanghai | 2,317.96 | -0.58 |
| SENSEX | 16998.79 | 0.37 |
| NIFTY | 5109.15 | 0.34 |
Back home Maruti Suzuki workers have called off the two week long strike. We see this as a major development; stock is trading higher by 2.25 per cent. BHEL, Hero MotoCorp and Bajaj Auto are also seen trading in green. DLF is seen losing by 1.19 per cent while Hindalco, NTPC, Bharti Airtel, Infosys, Hindusthn Unilever, Cipla and HDFC bank are among the losers. On the sectoral front Realty and Metals are taking the beatings while other indices are trading marginally up.
Yesterday’s debutant M and B switchgears have lost by 4.83 per cent so far. IDBI Bank, Lupin, Thermax Ltd, Varun Industries are trading in green as we expected in our morning updates while Shares of Ingersoll Rand and Cairn India have declined as we wrote in our morning notes.
The market breadth, indicating the overall health of the market, is positive. On BSE, 1562 shares rose and 909 shares fell. A total of 92 shares remained unchanged.
Larsen and Toubro Q2 numbers are expected to be announced today. The street expects the company to post 12 per cent YOY growth in its net profit to Rs 775 crore as against Rs 694 crore in the corresponding quarter in Q2FY11. Ramky Infrastructure is also seen trading higher by 6 per cent. McNally Bharat Engineering Company Ltd has received an order from Surana Power Limited for the Complete Coal Handling System at a total price of Rs. 86 crore and the stock is trading higher, we are positive on this stock for the day.
In conclusion, we expect the market to remain volatile for the day and advice readers to wait and watch for the European markets to open as they may provide some vital cues on the desired direction of the market trend. Nevertheless we shall keep updating you regularly through our market commentary.
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