Markets looking nervous

Mid Session Commentary 9th February 2012 (10:30AM)

As mentioned in our morning update markets opened in the negative territory. At Present both the Indices are trading in the red zone with Sensex down 63 points to 17643 and Nifty down by 17 points at 5351. Among the sectoral Consumer durables, Power, Realty etc are trading in the green zone while I.T, Teck, Metals etc are trading in the red dragging the market southwards.

Asian Markets are also trading weak with Hang seng and Nikkei are trading in the negative territory while Shanghai is trading marginally in the green zone.

Back home, Metal heavyweight Hindalco id down 5.47 per cent to Rs 152.05 ahead of its third quarter result. I.T pack which includes Wipro, TCS and Infosys are trading down in the range of 1.03 to 1.46 per cent. Bharti Airtel continued its yesterday’s losses and is down 1.24 per cent to Rs 349.60.  Other stocks like DLF, Tata Power, Mahindra and Mahindra, Hero Motocorp, Sterlite Industries etc are trading down marginally in the red zone.  On the other hand Baja Auto is the leading Index gainer up 1.61 per cent to Rs 1673. BHEL after correcting in the past has recovered some of its losses and is trading higher 1.24 per cent to Rs 264.55. Other stocks like ICICI bank, Coal India, HUL etc are trading marginally in the green zone.

Gammon Infrastructure is up 11.83 per cnet to Rs 17.01, after the company received letter of award from NHAI FOR Vijayawada – Gundugolanu Project. Power grid Corporation is trading higher 0.88 per cent to Rs 108.60, after the company posted good set of Q3FY12 numbers. Net Profit increased by 36.9 per cent to Rs 809.23.

Other stocks which are going to announce their Q3FY12 numbers today are ACC, Ambuja Cement, HPCL, Hindalco, Flexituff, Fortis Tata Steel etc. The above stocks could be volatile on the back of their numbers and management guidance.

The market breadth, indicating the overall health of the market, is strong. On BSE, 1270 shares rose while 795 shares declined. And 101 shares remained unchanged.

In conclusion, we expect the market to remain volatile for the day. Nevertheless we shall keep updating you regularly through our market commentary.