Markets trading flat after positive opening
Shrikant / 23 Dec 2011
As mentioned in our morning update, the markets opened on a slightly positive note. At the moment markets are trading flat, and have not shown any indication for the day's performance ahead.
The Asian indices have rebounded with over 1% returns. Earlier, the European and American markets closed in the green over positive economic data from the US. Tokyo's financial markets are closed for a holiday.
# Nikkei is closed for holiday
Benchmark Indices
Index
Rate
% Change
Hang Seng
18,576.06
1.08%
Nikkei#
--
--
Shanghai
2,218.01
1.45%
Sensex
15,861.93
0.31%
Nifty
4,746.85
0.27%
Among the sectoral indices, Bankex, IT and Teck are trading lower. IT and Teck have not recovered from the lower earnings reported by Oracle Corp in the US. The CG Index is leading the gains with 1.97% returns and the HC Index is trading flat at the moment.
From the Sensex stocks, BHEL is up by 2.46% and L&T is up by 2.30%. The financial shares of RIL, Maruti Suzuki and Sterlite Industries have gained over 1%. After the Telecom Ministry said that it would now allow the carriers to offer 3G services outside their licensed zones through roaming agreements, the telecom stocks have failed. Bharti Airtel is the top loser, down by 1.68%. Idea Cellular is also down by 3%.
Of the ‘A’ group stocks, both Apollo Hospitals and Wockhardt have gained over 5%, while Neyveli Lignite and ABB have gained over 4% each. Artefact Projects and Allsec Tech have also rallied by 19%.
In the major corporate announcements, ABB Group has bagged a Rs 4000 cr power transmission order in India. Suzlon Energy announced that it has received an order of 166 MW (Rs 935 cr) in India. MBL Infrastructures has informed that it has been awarded new projects worth Rs 315.7 cr. Punj Lloyd has also received a contract for a road project in Kenya.
The market breadth, which indicates the overall health of the market, is positive. Out of a total of 2315 stocks traded, 1524 advanced and 706 declined. 85 stocks remained unchanged.
We expect the markets to remain volatile ahead in the day.
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