Markets pale, shed weight after tame opening
Shrikant / 20 Dec 2011
The markets opened on a flat note today, and has further shed a few points since the opening, indicating volatility. The BSE Sensex is trading 75 points down at 15303.5 and Nifty is trading down by over 25 points at 4587.85.
As we said in our morning commentary, the markets opened on a flat note today. Since the opening, it has further shed a few points, indicating volatility. The BSE Sensex is trading 75 points down at 15303.5. The Nifty is also trading down by over 25 points at 4587.85.
Overnight, the sentiment improved in the US markets after Jeffrey Lacker, President of the Federal Reserve Bank of Richmond, predicted that the US economy will grow by 2%-2.5% next year.
The Asian indices have rebounded after yesterday's southward movement. The initial fears about regional tensions in the Far East have settled down. Worries on the European front, however, continue to haunt the markets. The Hang Seng and Nikkei are currently trading up by over 0.50%, while Shanghai is trading marginally up from the previous closing.
Benchmark Indices
Index
Rate
% Change
Hang Seng
18,168.61
0.54%
Nikkei
8,340.48
0.53%
Shanghai
2,221.68
0.16%
Sensex
15,303.50
-0.49%
Nifty
4,587.85
-0.55%
Among the sectoral indices, FMCG has edged higher by 0.78%, while IT and Healthcare indices are trading marginally higher. The Consumer Durables, Bankex, Auto, Metals, CG and Realty indices are all trading down by more than 1% currently.
From the Sensex stocks, ONGC has been seen gaining by 1.76% today, and is the major gainer at this hour. The financial shares of ITC have also gained by 1.39%. HDFC Bank, Hindustan Unilever, Wipro, Infosys, HDFC and Mahindra & Mahindra are the other stocks that have gained so far. Jaiprakash Associates has lost nearly 5% in the early trades. Jindal Steel and Tata Steel are also in the top losers list.
Among the 'A group' stocks on the BSE, only 56 are seen trading in the green. Among them, Redington India and Petronet LNG have gained by nearly 2%.
In major corporate announcements, BEML has bagged a Rs 318 cr order for the Jaipur Metro. Larsen & Toubro has also bagged an order worth Rs 1000 cr. Unity Infra has given up the initial profit of 6% on winning new orders.
The market breadth, which indicates the overall health of the market, is negative. Out of total of 2331 stocks, 1469 stocks declined, 771 stocks advanced and 91 stocks remained unchanged.
In our opinion, the markets will remain volatile further in the day too, though there is some chance of a rebound once the European markets open.
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