Markets in the green on the last trading day of 2011

Mid Session Commentary 30th December 2011 (10:30AM)

As mentioned in our morning update, markets opened in the green in line with global cues. Today is the last trading day of 2011, and it is good to see markets trade on good note. As of now, both the indices are trading in the green with Sensex up 93 points at 15637 and Nifty up by 28 points at 4674. All the sectoral indices are trading in the green except Capital goods (down 0.08 per cent). Auto, Tech and I.T are trading higher, helping the markets to trade in the positive zone.

Asian Markets are also trading higher on the back of Investors cheering the rise overnight rise in U.S markets while ignoring Chinese manufacturing data, which contracted further. Hang Seng, Nikkei and Shanghai are all trading higher in the range of 0.41% to 0.82 per cent.  

Back home, buying activity has been spotted in stocks like ICICI Bank and Tata Motors. Both are trading higher with gains of 1.59% and 1.58 per cent respectively. Auto stocks like Mahindra and Mahindra, Hero Motocorp, Maruti Suzuki are also trading higher in the range of 0.72% to 1.26 per cent.

Metal stocks are also gaining strength, with Sterlite Industries, Hindalco and Tata Steel trading higher in the range 0.56% to 1.05 per cent. Other stocks like HDFC Bank, BHEL, NTPC, Coal India etc are trading marginally up in the green zone.

On the other hand, Sun Pharma, Jindal Steel, Bajaj Auto and L&T are trading lower by 0.35% to 0.53 per cent.  FMCG heavyweight HUL is also trading lower by 0.12 per cent at Rs 412.65.   

Balaji Telefilms is up 1.49 per cent to Rs 34, after the news broke that the company is going to sell its mobile content and education business. Godrej Properties has also risen 1.62 per cent to Rs 629, after the company sold its stake in its subsidiary - Godrej Premium Builders.

The market breadth, indicating the overall health of the market, is strong. On BSE, 1019 shares rose while 673 shares declined. And 70 shares remained unchanged.

In conclusion, we at DSIJ expect the market to remain volatile for the day with a positive bias. Nevertheless we shall keep updating you through our market commentary.