Sensex up 84 pts; ICICI, Bajaj Auto, Wipro up over 3%
Shrikant / 20 Jan 2012
The Indian markets have opened in the positive. The Sensex is currently trading with gains of 84 points, while Nifty is up by 18 points.
The Indian markets have opened in the positive like we expected. The BSE Sensex is currently trading with gains of 84 points, while Nifty is up by 18 points.
Other Asian markets are also inching higher, sending a wave of positive sentiment in the Indian stock markets. The Nikkei has surged by 1.49%, while Hang Seng and Shanghai are slightly up.
Overnight, the US and European markets closed in the green on the back of improved data on jobless claims as well as better earnings posted by the Bank of America. Later today, the existing home sales data in the US will be published, which will also guide the US and European markets.
Benchmark Indices
Index
Rate
% Change
Hang Seng
19,992.55
0.25%
Nikkei
8,768.52
1.49%
Shanghai
2,304.59
0.37%
Sensex
16,728.28
0.51%
Nifty
5,037.35
0.38%
Among the sectoral indices, CD is up by 2.59%. The interest rate-sensitive Bankex and Realty indices have gained by over 1% each. CG and Power were also seen trading in the positive territory in the early morning trades. HC and Oil & Gas, however, are seen at the bottom of the list, losing marginally.
18 of the 30 Sensex stocks are trading in the positive in the morning hours. India’s no. 3 IT company, Wipro, has rallied up by 4.10% over its better-than-expected quarterly results. The company reported a 3% rise in its net profits and has also given a guidance of 1%-3% rise in revenues on a sequential basis. Bajaj Auto has also surged by 3.61% on the back of a 19% rise in its quarterly profits.
The RIL scrip has seen marginal drop in its price ahead of its quarterly results. The markets expect weak results from RIL due to lower gas output and lower demand for petrochemical products because of the weak macroeconomic environment. Another index heavyweight, ITC, will also announce its quarterly results. The scrip gained by 0.69% in the morning hours.
The shares of Coal India have lost 3.43% so far. Maruti Suzuki and Mahindra & Mahindra are also trading in the negatives.
In other stocks, Indiabulls Real Estate, Amtek Auto, Bank of India, Crompton Greaves, Pantaloon Retail, Cummins India and Exide Industries have surged up by over 4% each. On the other hand, Dish TV India, Dr Reddy's Labs, Jet Air, Bajaj Holdings, Sun TV, United Spirits, Reliance Power and Indraprastha Gas are all in the red zone.
The market breadth, which indicates the overall health of the market, is positive. Out of a total of 2503 stocks, 1604 stocks advanced and 812 stocks declined. 87 stocks remained unchanged.
Ahead in the day, companies like JSW Steel, Axis Bank, Bank of Maharashtra, Hindustan Zinc, ITC, Jet Air India, United Spirits, Syndicate Bank etc. will announce their quarterly results, which will further guide the markets' progress.
We expect the markets to remain volatile, with a positive bias.
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