Markets open flat, Auto index up over 1%
Shrikant / 01 Feb 2012
After yesterday’s rally, the Indian markets opened flat today. The benchmark Sensex is currently trading down by 60 points, while the 50 share Nifty is down by 16 points.
According to media reports, the Telecom Ministry has issued a show cause notice to private telecom operators for under-reporting the revenues for AY 2006-2008. The ministry has levied a penalty for the same, and the telecom companies have been given 21 days to respond to the notice. On the back of this news, we expect the telecom stocks drop some points today.
Other Asian markets are currently trading flat in their trades.
Earlier, the US markets were seen trading flat, as reports showed that US consumer confidence has declined. The outlook for exports also seemed weak in the US economy.
| Benchmark Indices | ||
| Index | Rate | % Change |
| Hang Seng | 20,395.12 | 0.02% |
| Nikkei | 8,803.00 | 0.01% |
| Shanghai | 2,282.89 | -0.42% |
| Sensex | 17,133.31 | -0.35% |
| Nifty | 5,182.65 | -0.32% |
Auto is the only sectoral index that has surged by over 1%. Metals, Oil & Gas, Power and HC are marginally up. All the other indices are trading lower than yesterday’s closing at this hour of the day. CD is the major loser, with negative 1.01% returns so far.
12 of the Sensex stocks have surged into positives, while 18 have slipped into the negatives. Tata Power has surged by over 3% today. Auto stocks such as Mahindra & Mahindra, Hero MotoCorp, Maruti Suzuki, Bajaj Auto and Tata Motors are among the gainers after Maruti Suzuki reported its sales numbers. Metals stocks such as Tata Steel and Jindal Steel are also trading in positives.
On the other hand, HDFC has downplayed its peers today, and is the top loser at this hour. Other banking stocks such as ICICI Bank and SBI are also down. Capital Goods major like BHEL and L&T and IT biggies like Infosys, TCS and Wipro also feature in the losers list.
Fortis Healthcare (India) is up by 4% after the company reported that it has acquired an 85% stake in Redline-Asia. Crompton Greaves has slipped 7% after reporting a 67% drop in its consolidated net profit for Q3. BG Shipyard is trading with 6.5% gains after it reported that it has received a prestigious order for construction of 6 Bollard Pull AHTS Vessels from the Shipping Corporation of India.
The market breadth, which indicates the overall health of the market, is currently positive. Out of a total of 2416 stocks, 1503 stocks advanced and 837 stocks declined. 76 stocks remained unchanged.
With the negative sentiment over the US economy and the European unemployment numbers weighing high, we expect the markets to remain volatile over the day.
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