Markets gain momentum, close positive

The Indian markets had a volatile trading day today, closing in the green zone after it gained momentum in the last hour of trade and recovered the losses. Except for Bankex and Healthcare, all the sectors ended on a positive note. Consumer Durables was the biggest gainer, closing higher by 3%. While Realty, IT, Metals and Power were some of the names which lifted the market higher.

European markets are trading in the green zone on the back of the major companies (Statoil and Reckitt Benckiser) posting better-than-expected results.

The Dow Jones Futures is currently trading 19 points or 0.14% up at 12850, indicating a positive sentiment in the US markets.

Manappuram Finance bounced backed after yesterday’s heavy sell off. The stock surged 8.35% to Rs 49.30. Mangalam Cement saw heavy profit booking as the stock closed down 5.09% to Rs 140.90, after it posted robust Dec 2011 quarter numbers. JK Laxmi Cement touched its 52-week high earlier in the day, but finally closed 5.28% to Rs 64.75 after posting a good set numbers.

For tomorrow, one should watch out for stocks like ACC, Ambuja Cement, Flexituff, Fortis Healthcare, Hindalco, Ruchi Soya and HPCL, as they are going to declare their Q3 FY12 numbers.

In conclusion, we expect the markets to remain volatile as investors are jittery about investing in  markets that fail to provide any concrete direction.