Markets trading in a narrow zone
Vidrum / 15 Nov 2011
Indian stock markets opened negative in line with global cues and are currently trading in a narrow zone.
As mentioned in our morning update, the markets opened negative in line with global cues. At present, both the indices are trading in a narrow zone, with the Sensex down 17 points to 17101 and the Nifty down by 10 points at 5138.
| Benchmark Indices | ||
| Index | Rate | % Change |
| Hang Seng | 19295.53 | -1.09 |
| Nikkei | 8562.6 | -0.48 |
| Shanghai | 2527.5 | -0.05 |
| Sensex | 17101.42 | -0.10 |
| Nifty | 5138.45 | -0.19 |
The Asian markets are also trading in the red, after Italian borrowing costs intensified concerns that Europe’s debt crisis may worsen.
Back home, Cipla is the lead gainer on the indices, up 4.84% to Rs 302.10. Metals stocks like Jindal Steel and Hindalco are up 1.30% and 1.6% respectively. ONGC, Infosys, Hero MotoCorp and L&T are trading marginally in the green.
Tata Power is down 4.23% at Rs 96.25, after reporting dismal Q2 numbers. The company reported consolidated net losses of Rs 1219 cr in Q2 FY12, as against profits of Rs 673 cr in the September quarter last year. Other losers include DLF, HUL, Mahindra & Mahindra and Wipro, all down by 0.50-1%.
The market breadth, which indicates the overall health of the market, is weak. On the BSE, 1033 shares fell, 743 shares rose and 76 shares remained unchanged.
We expect the market to remain volatile for the day. European markets are expected to provide some vital cues on the desired direction of the market trend in the late afternoon session. In any case, we shall keep updating you regularly through our market commentary.
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