Markets build on morning gains

The Indian markets have continued trading in the positive. Both the benchmark indices are up by over 1.3%.

Other Asian markets have rallied over the recent positive movements in the European debt crisis. The Hang Seng has rallied by over 1%, while Nikkei is trading with 0.11% gains. The Taiwan index and the KOSPI are also trading in the green.

Meanwhile, the European markets have also opened in the positive. FTSE and DAX have surged by over 0.70%, while CAC is up by 0.93%.

Among the sectoral indices, Bankex has further rallied and is currently trading up by 2.54%. The Realty index is also up by 2.29%. Metals, Auto, CD, Oil & Gas, IT and Teck are seen with gains of over 1% so far in the day. The FMCG, PSU, Power, HC and CG indices have also gained by some margin.

23 of the 30 Sensex stocks are trading in the positive. ICICI Bank posted a rise of 20% in net profits at Rs 1728 cr in its Q3 results, and consequently, the stock has rallied by over 4%. Hindalco Industries, Bajaj Auto, DLF, and SBI were also seen gaining about 3% so far today. The financial shares of Maruti Suzuki are currently trading down by 1.31%. Coal India, NTPC, Hindustan Unilever, L&T and Bharti Airtel are among those in the losers list.

Glenmark Pharma has further lost in value, and is currently trading down by 6.62% after weak quarterly results. Crompton Greaves is also trading down by 2.70%. Tata Global Beverages is the top gainer in the ‘A’ group stocks, surging by over 8% after it announced its deal with Starbucks.

The market breadth, which indicates the overall health of the market, is positive. Out of a total of 3037 stocks traded, 1816 stocks advanced, 1128 stocks declined and 93 stocks remained unchanged.

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