Markets trading on a very flat note

Mid Session Commentary December 2, 2011 (10:30AM)

Indian stock markets opened the day on a subdued and negative note. At 10 am , both the benchmark indices were trading on a flat note with Sensex down 29 points at 16454 and Nifty at 4930, down 6 points. Bankex, IT, Tech and Consumer Durables indices are trading in the positive while Metals and Oil & Gas are trading in the red.

Asian markets are a mixed bag with Shanghai and Hang Seng trading in the red while Nikkei trading in the green zone.

Back home, Sterlite Industries is leading the losers pack with a cut of 1.42 per cent to Rs 103.95. Other metal stocks like Jindal Steel, Hindalco and Tata Steel are also trading lower, dragging the market with them.

Oil and Gas stocks like ONGC and RIL are down more than a per cent. Other stocks like Tata Power, Wipro, Sun Pharma etc are trading marginally in the red.

On the other hand, banking heavyweights ICICI Bank and HDFC Bank are trading higher by 1.30 per cent and 0.34 per cent respectively. Auto stocks like Tata Motors and Maruti Suzuki are the lead index gainers with 1.69 per cent and 1.46 per cent respectively. Other index gainers include HUL, TCS, Infosys and NTPC at 0.50 per cent to 1 per cent.

Lupin started the day on a subdued note but is now up 1.07 per cent at Rs 471.10, after news came in that the company has received approval from U.S Food and Drug Administration (USFDA) for its generic Solodyn Tablets.  

The market breadth, indicating the overall health of the market, is very strong. On BSE, 1175 shares rose and 686 shares fell. A total of 88 shares remained unchanged.

In conclusion, we expect the market to remain volatile for the day. European markets will provide some vital cues for the late afternoon session. Nevertheless we shall keep updating you regularly through our market commentary.