Markets continue to trade in red

The Indian markets continued to remain volatile and in the red, with both the bourses marginally down by 0.2%. Negative global news, especially from the Euro zone, has dented investor sentiment.

On Thursday, Nov 24, the European markets continued their fall since the last 7 sessions over concerns from the Euro zone debt crisis. The European leaders were struggling to reach a consensus, with no progress on the solution apparent in the near term. Today, the European markets opened on a mixed note, with Germany and France witnessing marginal gains below 1%, whereas UK's Index, the FTSE was marginally down.

Asian markets too, continued to trade in the red zone over the same concerns from the European region. Moody’s downgrade of Hungary's debt rating by one notch to Ba1 further impacted the investors' mood.

Back home, among the sectoral indices, Realty, Consumer Durables and Consumer Goods continued to lead, with gains of 3.37%, 2.88% and 1.88% respectively, as the FDI policy for multi-brand retail gave a boost to the retail segment. Other indices like Power, PSU, Pharma, Auto and FMCG remained positive, with marginal gains between 0.01%-1.33%.

On the other hand, Metal, Oil & Gas, Tech and IT were all down between 0.49%-0.87%. IT remained the top loser, down by 1.39%.

The Sensex heavyweights BHEL and L&T continued to lead the 30-share Sensex, with gains of more than 5% and 4% respectively. Among others, DLF was also leading up with 5% gains. All the other stocks like Cipla, Coal India, Bharti Airtel, SBI and Tata Motors are trading with gains between 0.12%-2%.

Among the losers HDFC, Hero MotoCorp, Hindalco, HUL, Infosys, Jindal Steel, Maruti Suzuki, Tata Steel and TCS were down with losses between 1-2%.

The market breadth, which indicates the overall health of the market, is positive. On the BSE, 1619 shares rose and 972 shares fell. 107 shares remained unchanged.

We expect the markets to continue with its volatility for the rest of the day.