Markets to remain volatile through the day
Vidrum / 16 Nov 2011
As mentioned in our morning update, the markets opened negative in line with global cues. At present, both the indices are trading in the red zone, with the Sensex down 108 points to 16774 and Nifty down by 39 points at 5029.
| Benchmark Indices | ||
| Index | Rate | % Change |
| Hang Seng | 18973.07 | -1.94 |
| Nikkei | 8476.1 | -0.77 |
| Shanghai | 2486.12 | -1.73 |
| Sensex | 16774.36 | -0.64 |
| Nifty | 5029.45 | -0.77 |
The Asian markets are also trading in the red zone after the Italian bond yield rose, which lead to concerns that Europe’s debt crisis may worsen.
Back home, L&T is among the leading index losers, down 3.17% to Rs 1248. Other stocks like Hero MotoCorp, Jaiprakash Asso. and Coal India are down by more than 2% each. Bajaj Auto, ITC, TCS and Infosys are all trading marginally in the red zone.
Buying is seen in some of the stocks like Mahindra & Mahindra and DLF, after they were beaten down in the past trading sessions. Cipla continues the rally it began yesterday, and is up 1.09% to Rs 310.25. Other in the gainers list include SBI, Tata Motors, Jindal Steel, ONGC, Bharti Airtel, etc., all of which are trading up in the range of 0.50-1%.
The market breadth, which indicates the overall health of the market, is weak. On the BSE, 1331 shares fell and 688 shares rose. 76 shares remained unchanged.
We expect the market to remain volatile for the day. Also, European markets will provide some vital cues on the desired direction of the market trend in the late afternoon session.
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