Markets recover to close the day in green

The Indian markets recovered from the day's low, and ended comfortably in the green zone. Sectors like Metals, Capital Goods, Teck and Bankex lifted the market, while Oil & Gas was the only sector to close in the red.

Asian markets closed in the green zone, following a surprise interest rate cut by the European Central bank, and after Greece shelved the referendum on the bailout plan, moving the nation closer to receiving aid.

The European markets themselves were trading in a mixed bag, as the Greek Prime Minister faced a confidence vote, and as investors waited for the US employment data for October 2011.

Dow Jones Futures is currently trading 9 points or 0.08% up at 11985, indicating a neutral-to-positive sentiment in the US markets.

Among the Sensex stocks, Hero MotoCorp was the lead gainer, moving up 2.61% to Rs 2125. Stocks in the metal pack like Hindalco, Sterlite Industries and Jindal Steel moved higher by 1.5-3%. Banking major SBI and ICICI were up by 1.67% and 0.95% respectively. HDFC Bank also closed marginally in green. Other gainers include L&T, HDFC, Cipla, NTPC etc which were up 0.50%-1%. SAIL recovered from yesterday’s losses, and was up 1.69% to Rs 111. On the other hand, Tata Power and HUL were among the top losers. Other auto stocks like Mahindra & Mahindra, Maruti Suzuki and Tata Motors ended the day marginally in the red.

Glaxosmithline Consumer Healthcare touched a new high today, up by 4.36% to Rs 2499.30. The company reported robust Q2 FY12 numbers today. Its topline increased by 18% to Rs 720.07 cr, while its bottomline increased by 31% to Rs 103.03 cr on a YoY basis.

Bharti Airtel surged 1.38% to Rs 397.95 after announcing its plans to launch wireless broadband services in India in the fiscal year ending March 2012. In early trade, the stock was down after its weak Q2 FY12 numbers. Its topline increased by 13.4% to Rs 17270 cr, while the bottomline was down 38% to Rs 1027 cr on a YoY basis.

We advise our readers to keep track of companies like Bombay Rayon, India Infoline, MTNL, Gujarat NRE Coke, Jain Irrigation, Madras Cement, Punj Llyod, United Spirits, etc., as they are going to post their Q2 FY12 numbers.