Nifty hovering around the 5000 mark
Vidrum / 17 Nov 2011
Indian markets are trading in a very narrow range, with the Nifty hovering around the 5K mark. Among the sectors, Realty, Bankex and Metals are holding the markets up, while Oil & Gas is down more than 1% and is dragging the market southwards.
| Benchmark Indices | ||
| Index | Rate | % Change |
| FTSE | 5481.5 | -0.50 |
| DAX | 5875.3 | -0.64 |
| CAC | 3052 | -0.42 |
| Hang Seng | 18845.39 | -0.61 |
| Nikkei | 8479.63 | 0.19 |
| Shanghai | 2463.05 | -0.16 |
| Sensex | 16740.3 | -0.21 |
| Nifty | 5014.3 | -0.32 |
The Asian markets are also trading very quietly. Chinese markets are trading in a very narrow range on the prospect that the central bank will maintain a tight monetary policy.
European markets declined, as the surging borrowing costs for Italy, France and Spain deepened concerns that the Euro leaders are struggling to contain the debt crisis.
Back home, metal stocks like Hindalco and Tata Steel are among the lead gainers, up by 3% and 2% respectively. Banking heavyweights SBI and ICICI are also trading up by more than 1% each, while HDFC Bank is trading marginally in the green zone. Other stocks like DLF, Bharti Airtel, Bajaj Auto, HUL etc. are also trading higher.
On the other hand, Maruti Suzuki, Coal India and Jaiprakash Asso. are down by more than 2% each. Oil & Gas stocks like RIL and ONGC are down 2% and 0.50% respectively.
Patni Computer Systems continues to trade higher, up by 9.35% at Rs 425 after the news that the US listed software company iGATE plans to delist shares of its unit Patni Computer from the stock exchanges.
BGR Energy is trading 1.88% higher at Rs 283.95 after bagging engineering, procurement and construction orders worth Rs 1698 cr from TRN Energy.
The market breadth, which indicates the overall health of the market, is very weak. On the BSE, 1496 shares fell and 1125 shares rose. 126 shares remained unchanged.
We, at DSIJ, expect the markets to remain volatile for the rest of the day, and advise investors to play with caution.
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