Markets in the green - IT, Power and Auto lead

As mentioned in our morning update, the markets opened positive in line with global cues. At present, both the indices are trading higher by more than 1%, with the Sensex up 186 points to 16991 and the Nifty up 57 points at 5096. All the sectors are trading in the green, and IT, Power and Auto are leading among the indices, which are trading higher.

The other Asian markets are also trading in the green zone. Shanghai is trading in a very narrow range, giving up the initial gains over concerns that the govt.'s measures will slowdown the growth of the economy.

Back home, Power heavyweight Tata Power is among the lead index gainers, up 2.67% to Rs 99.80. Other Metals stocks like Hindalco, Jindal Steel and Tata Steel are trading higher by more than 1%. IT stocks like Infosys, Wipro and TCS are also in the green zone. Other stocks like NTPC, Bajaj Auto, Hero MotoCorp and Sun Pharma are all trading marginally in the positive territory.

Only 4 Index stocks are trading in the red, with Bharti Airtel and Coal India both down more than 1%, while ICICI Bank and Cipla are trading marginally in the red zone.

Eros International Media is up 2.14% to Rs 231.35, after the news came in that it has joined hands with Dharma Production to release the film 'Agneepath' internationally. Ranbaxy Lab is trading 0.92% higher at Rs 440.40, after it launched authorised generic version of Caduet in the US.

The market breadth, which indicates the overall health of the market, is strong. On the BSE, 1264 shares rose and 641 shares fell. 72 shares remained unchanged.

We expect the market to remain volatile for the day. Also, the European markets will provide some vital cues on the desired direction of the market trend in the late afternoon session.