Markets trading in the red; expected to remain volatile
Vidrum / 31 Oct 2011
Mid Session Commentary 31th October 2011 (10:30AM)
As mentioned in our morning update, markets have opened sideways in line with mix global cues. At 10:30 am, Sensex was trading down 101 points at 17703 and Nifty down by 37 points at 5323.
Other Major Asian markets are also trading in the red zone after major companies like Acer Inc, Tohoku Electric Power reported losses and China vowed to maintain property lending curbs.
Back home, Maruti Suzuki is trading down 3% at Rs 1096 after posting dismal Q2FY12 numbers. The company's Net Profit fell by 60% to Rs 240 crore on the back of a 14% fall in total income, which stood at Rs 7949 crore on YoY basis. The major reason for lower sales was the labour unrest at its Manesar plant.
Other stocks like Sterlite Industries, Hindalco, ONGC, Jindal Steel, Coal India, HDFC etc are trading down in the range of 1 to 2%. On the other hand IT shares like Wipro, Infosys and TCS are up 0.50 to 2%.
The market breadth, indicating the overall health of the market, is strong. On BSE, 1188 shares rose and 971 shares fell. A total of 90 shares remained unchanged.
In conclusion, we at DSIJ expect the market to remain volatile for the day as the street waits for major companies like ICICI bank, Bank of Baroda, BPCL, HUL etc to post their Q2FY12 numbers.
Also European markets will provide some vital cues on the desired direction of the market trend later in the afternoon. Nevertheless we shall keep updating you regularly through our market commentary.
As mentioned in our morning update, markets have opened sideways in line with mix global cues. At 10:30 am, Sensex was trading down 101 points at 17703 and Nifty down by 37 points at 5323.
Other Major Asian markets are also trading in the red zone after major companies like Acer Inc, Tohoku Electric Power reported losses and China vowed to maintain property lending curbs.
Back home, Maruti Suzuki is trading down 3% at Rs 1096 after posting dismal Q2FY12 numbers. The company's Net Profit fell by 60% to Rs 240 crore on the back of a 14% fall in total income, which stood at Rs 7949 crore on YoY basis. The major reason for lower sales was the labour unrest at its Manesar plant.
Other stocks like Sterlite Industries, Hindalco, ONGC, Jindal Steel, Coal India, HDFC etc are trading down in the range of 1 to 2%. On the other hand IT shares like Wipro, Infosys and TCS are up 0.50 to 2%.
The market breadth, indicating the overall health of the market, is strong. On BSE, 1188 shares rose and 971 shares fell. A total of 90 shares remained unchanged.
In conclusion, we at DSIJ expect the market to remain volatile for the day as the street waits for major companies like ICICI bank, Bank of Baroda, BPCL, HUL etc to post their Q2FY12 numbers.
Also European markets will provide some vital cues on the desired direction of the market trend later in the afternoon. Nevertheless we shall keep updating you regularly through our market commentary.
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