Markets trading flat but positive

Chandrakant / 25 Jan 2012

The Indian markets opened on a flat positive note today following the RBI's move to cut the CRR by 50 bps. The Sensex and Nifty are both trading up, with 0.24% and 0.30% gains respectively.

The Indian markets opened on a flat positive note today following the RBI's move to cut the CRR, which brought positive sentiments to investors in previous trade. The investors applauded the move, as a 50 bps cut was above the markets' expectations of 25 bps. Now, investors will look out for the Q3 corporate earnings for further clues. The Sensex and Nifty are both trading up, with 0.24% and 0.30% gains respectively.

In the Asian markets, Nikkei opened on a positive note and is up by 1% on expectations that the Greek debt deal can still be reached even after the European Finance Minister’s rejection of an offer extended by Greece creditors. From stalled talks on the Greek debt, market attention turned to a Federal Reserve meeting later in the day.

Previously, the European markets closed on a negative note on concerns that the region is running out of time to find a solution to contain the Euro debt crisis, which may convert into a major stress factor.

 Benchmark Indices

Index

Rate

% Change

Hang Seng (Closed)

20,110.37

0.83

Nikkei

8,874.23

1.00

Shangha(Closed)

2,319.12

0.00

Sensex

17,028.64

0.20

Nifty

5,136.50

0.30


Of the BSE sectoral indices, Metals, Consumer Durables and IT are leading with gains of 1.19%, 0.93% and 0.87% respectively. All the indices are trading with gains between 0.78%-0.29%, except Capital Goods, which is down by 0.42%.

Among the Sensex shares, Sterlite Industries, Tata Motors, Tata Steel, TCS and Coal India are leading with gains between 1%-2%. Other gainers Bharti Airtel, BHEL, SBI, Infosys and ITC are up with marginal gains between 0.1%-1%. All other stocks are down between 0.13%-1.46%.

The market breadth, which indicates the overall health of the market, is positive. On the BSE, 1404 shares rose and 680 shares fell. 78 shares remained unchanged.

We expect the markets to remain volatile for the day. The European markets will also provide some vital cues on the desired direction of the market trend in the late afternoon session.

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