Markets continue on a volatile trend

The markets are very volatile in their trade, without giving any clear indication for the day. After opening on a positive note in the morning, the market moved downwards in late morning trades. At the moment, the markets are trading in a very narrow range, with the BSE Sensex at 17553.16 points, down marginally by 0.05%.

European markets have opened in the green. However, they are also trading in a very narrow range, and may not sustain for the whole day amidst the worries caused by the Italian bond yield. Asian stocks have also shown a mixed trend. The Hang Seng was marginally up, while Nikkei and Shanghai closed in the red.

Back home, Realty, Healthcare, Teck and IT are still in the red. Consumer Durables, FMCG, Capital Goods, PSU and Power have sustained in the volatile trades, while the other indices have reversed their morning losses. Among the Sensex stocks, Hindustan Unilever is the top gainer. ONGC is still trading in the green, and may sustain for the day’s trade. The heavyweights, Reliance Industries and L&T too, have turned positive.

Sun Pharma is down by 1.54% after heavy selling in the afternoon. Bajaj Auto is still trading in the red. Reliance Power is up by 2.97% after it posted a 47% rise in its revenues. Reliance Infra is trading up by 1.89% on the expectation of better results. Bank of India has fallen by 4.7% after posting disappointing results. Bosch is also up by 2.8% after it announced its quarterly results.
The market breadth, which indicates the overall health of the market, is neutral. On the BSE, 1518 shares rose and 1565 shares fell. 121 shares remained unchanged.

In conclusion, the market is expected to remain volatile for the rest of the day over the Euro concerns.