Markets recover marginally, but remain negative

The Indian markets are continuing to trade in the negatives, though they have reduced the morning losses. The BSE Sensex is currently trading down by 19 points or 0.13% at 15828. The 50-share Nifty is trading marginally down at 4745.

The other Asian indices are still showing mixed trends. While the Hang Seng is up marginally by 0.90% and Shanghai is up by over 2%, the Nikkei is down by 1.16%.

Meanwhile, European markets have opened positive. All 3 key indices are seen trading up in the opening hours.

Back home, the Power index is the major gainer among the sectoral indices, as Tata Power has pulled it over the news of the commissioning of 800 MW of the first unit of its Mundra UMPP. Realty, CG, HC, PSU and IT are marginally up, while the other indices are trading marginally down. The Auto index is down by 0.80%.

Of the Sensex stocks, BHEL has gained over 3%. Tata Power is also up by 1.25%. Jindal Steel and Maruti Suzuki are also up by over 1.5%. Bharti Airtel is among the losers, down by 2.46%. Auto stocks such as Bajaj Auto, Tata Motors and Mahindra & Mahindra are trading down by over 1%.

Among the ‘A’ group stocks, MMTC and Lanco Infra have surged over 8%. The financial shares of Wockhardt are also up by 7.32% at this hour of the day. Somany Ceramics, Sudar Garments and Ahmednagar Forgings have all surged over 17%.

Among the major corporate announcements, Pratibha Industries has bagged orders aggregating to Rs 772 cr and its order book stands at Rs 6500 cr. The scrip is up by over 6%. GPT Infraprojects has bagged orders valued at Rs 46.52cr; the scrip is up by nearly 5%. The scrip of GMR Infra has also gained over 5% after it announced the allotment of non-marketable unsecured non-convertible debentures of Rs 250 cr.

The market breadth, which indicates the overall health of the market, is positive. Out of total 2914 stocks traded on the BSE, 1706 stocks advanced, 1109 stocks declined and 99 stocks remained unchanged.

In our opinion, the markets will continue to remain volatile ahead in the day.