Sensex dips but regains losses
Shrikant / 02 Feb 2012
Indian markets took a U-turn today, losing all the gains earned in the morning after the Supreme Court cancelled 122 2G licenses issued on or after 2008. In the afternoon session, it again gained over 160 points, largely supported by the Teck, Metals, Power and CG stocks. At the moment, the Sensex is trading with a gain of 166 points, while Nifty is up by 41 points.
Other Asian markets traded strongly in positives today. The Hang Seng and Shanghai surged over 1%, while Nikkei closed with 0.76% gains.
Meanwhile, the European markets have also opened in the positive.
| Benchmark Indices | ||
| Index | Rate | % Change |
| FTSE | 5,791.58 | 0.01 |
| CAC | 3,384.74 | 0.51 |
| DAX | 6,634.36 | 0.27 |
| Hang Seng | 20,713.93 | 1.87 |
| Nikkei | 8,876.82 | 0.76 |
| Shanghai | 2,312.56 | 1.96 |
| Sensex | 17,467.17 | 0.96 |
| Nifty | 5,277.05 | 0.79 |
Among the sectoral indices, Teck is leading with 2.12% gains. Metals, Realty, CG, Power, IT and PSU are up by over 1%. CD and HC, on the other hand, are marginally down at this hour.
23 of the 30 Sensex stocks are trading in positives. Bharti Airtel is up by 7.92% and DLF has surged by 5%. Sterlite Industries and Hindalco Industries are both up by nearly 3%. Coal India has reversed its morning losses, and is trading with 1.84% returns. Tata Power is up by 2.68%. However, pharma major Cipla has lost over 1% and SBI is down by 1.19%. ITC, Tata Motors, Jindal Steel, Sun Pharma and RIL have all taken a beating.
After the Supreme Court verdict, Bharti Airtel has emerged as the major beneficiary, surging by 7.92%. Idea Cellular and Tata Communications are up by 3%. Reliance Communications and Tata Teleservices though, are down by over 3% each. MTNL is trading with marginal gains. Banking stocks such as SBI, IDBI and Axis Bank lost their morning gains after the cancellation of the licenses.
The market breadth, which indicates the overall health of the market, is positive. Out of a total of 3110 stocks, 1817 stocks advanced, 1184 stocks declined and 109 stocks remained unchanged.
In our opinion, the markets will remain positive ahead in the day.
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