Mixed signals from the market
Shrikant / 08 Nov 2011
As we mentioned in our morning update, the markets opened in the green, but lost in later trade. BSE Sensex is currently trading down by 29 points at 17532, indicating a volatile day today.
At this hour of the day, Asian markets are showing mixed trends. Nikkei is down by 0.96%, while the Hang Seng is up over 0.65%. Even though the news came in that Greece could receive the emergency aid as long as its two national parties agree to do so, worries still remain over the debt crisis. According to the latest data, the Italian 10-year government bond yields have also soared to near 15-year highs, and fears have increased that Italy could be the next victim of the European debt crisis.
Amongst the sectoral indices, consumer durables, FMCG, capital goods, PSU and power are seen trading in the green, while all other indices are trading in the red. From among the Sensex stocks, ONGC is seen trading up by 1.24%, as company reported good quarterly numbers. Jaiprakash Associates is also seen marginally up, as JP Group is in talks to sell its stake in the company. Among the auto stocks, Hero MotoCorp, Mahindra & Mahindra and Maruti Suzuki are seen in the gainers list, while Bajaj Auto is in the losers list. Reliance Power and TCS are also seen gaining in the morning trade.
| Benchmark Indices | ||
| Index | Rate | % Change |
| Hang Seng | 19,804.91 | 0.65% |
| Nikkei | 8,663.77 | -1.18% |
| Shanghai | 2,518.36 | 0.34% |
| Sensex | 17532.59 | -0.17% |
| Nifty | 5274.85 | -0.18% |
The market breadth, which indicates the overall health of the market, is very mixed, indicating high volatility ahead in the day. On the BSE, 1352 shares rose, 1155 shares fell and 100 shares remained unchanged.
Today, Reliance Power, Reliance Infra, Aurobindo Pharma, ABB, Aban Offshore, Bank of India, United Brew Holdings, etc. will post their Q2 FY12 earnings.
Going ahead, we expect that the European markets will provide vital cues on the direction of the market, though volatility will continue.
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