Markets trading on a flat note

As mentioned in our morning update, the markets opened in the negative, in line with global cues. At present, both the bourses are trading very flat, marginally in the red zone, down by 0.03%.

Asian markets are also down on concerns of the Greece referendum, which will threaten Europe’s rescue plan, as well as on the signs of economic growth slowing down.

Back home, Hero MotoCorp is down 2.28%, at Rs 2093.10. Other losers include Tata Steel, Jindal Steel, ICICI Bank, L&T, Coal India, etc., which are down 1-2%. On the other hand, gainers include stocks like Mahindra & Mahindra, Tata Power, Sun Pharma, Bajaj Auto, Reliance Industries, etc., which are up by 1%. Hindustan Construction Company (HCC) slipped 2.52% to Rs 27.05 after the news that the Maharashtra government is going to initiate a criminal case against the promoters soon. Indo Thai Securities got listed today at Rs 76, up 2.70% from its issue price of Rs 74. The scrip is currently trading 15% higher, at Rs 85.

The market breadth, which indicates the overall health of the market, is strong. On the BSE, 1019 shares rose, 955 shares fell, and 111 shares remained unchanged.

In conclusion, we expect the market to remain volatile for the day, with a negative bias. Today, companies like Allahabad Bank, Andhra Bank, Hindustan Motors, Berger Paints, L&T Finance Holdings, TajGVK Hotels, etc., will post their Q2 FY12 numbers. Also, European markets will provide some vital cues on the desired direction of the market trend in the late afternoon session. We shall keep updating you regularly about these developments through our market commentary.