Markets trade on a strong note despite limited volumes
DSIJ Intelligence / 21 Dec 2011
After a positive opening, the markets seem to be trading on an extremely strong note. The BSE Sensex is trading 228 points up at 15401.82 and the Nifty is up by over 65 points at 4608.35.
As mentioned in our morning update, the Indian markets opened on a positive note today, on the back of strong global cues witnessed overnight. The BSE Sensex is trading 228 points up at 15401.82. The Nifty is also trading up by over 65 points at 4608.35.
Other major Asian markets have also edged higher, adding to their early morning gains with strength for exporters and resource firms. Renewed optimism about the health of the global economy boosted investors' risk appetite.
|
Benchmark Indices | ||
| Index | Rate | % Change |
| Hang Seng | 18,368.66 | 1.60 |
| Nikkei | 8,442.38 | 1.27 |
| Shanghai | 2,221.14 | 0.24 |
| Sensex | 15440.21 | 1.75 |
| Nifty | 4620.1 | 1.67 |
Back home, the markets seem to be trading on an extremely positive and strong note. On the volumes front, however, it seems that there isn’t much participation in today's rally.
Among the sectoral indices, the BSE Metals and Bankex indices are leading the gains, up nearly 2% each. JSW Steel, Hindalco Industries, NMDC and Sterlite Industries are the top gainers in the Metals space, all up by 3%-4%. Among the financials, ICICI Bank, Axis Bank, Union Bank of India and Yes Bank are the prominent gainers, up 2%-3% each.
From the Sensex stocks, ICICI Bank has gained 3% at Rs 673, and is the most prominent gainer. Other notable performers include Hindalco Industries, BHEL, Tata Motors and Sterlite Industries, up 3% each.
Among other stocks, GTL shot up by 10% as its promoters will bring in personal guarantee worth Rs 2,500 cr. Lenders agreed to transfer ICICI Bank’s debt to Chennai Network Infra's book. Further, Assam Company, Jain Irrigation, Indiabulls Real, VIP, Shree Renuka, Lanco Infra, Suzlon, Aptech, HCC, Delta Corp, HOEC, Jubilant Foodworks, Yes Bank, Educomp and DCB were also all up between 2%-6%.
The market breadth, which indicates the overall health of the market, is positive. On the BSE, 1387 shares advanced and 582 shares declined. 79 shares remained unchanged.
We stick to our pre-market expectation of the market behaving in a positive manner for the day. The European markets are also expected to provide some vital cues on the desired direction of the market trend in the late afternoon session.
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