Markets shed some profits, close positive

The Indian markets lost their early gains in the last couple of trading hours, but closed on positive note. The Sensex and Nifty closed with gains of 0.75% and 0.77% respectively.

Other Asian markets closed the day in the green zone. Investors got some hope from the news that European leader will soon allocate funds to bail out Greece.

The European markets also opened on a positive note today after the news of the European bailout plan.

Dow Jones Futures is currently trading 123 points or 0.95% up at 12904, indicating a positive sentiment in the US markets.

Back home, among the BSE sectoral indices, CD, Power and CG closed with leading gains of 4.21%, 2.92% and 1.51% respectively. Auto, Metals and Pharma closed down with losses between 0.09% to 0.53%.

From the Sensex shares, BHEL and Tata Power led the rally today and closed with gains of 6.53% and 4.68% respectively. Others like Coal India, DLF, ICICI Bank, Infosys, M&M, SBI, Sterlite, etc. closed with gains between 1%-3.2%. In the losers list, Bharti Airtel, Cipla, Hero MotoCorp, Hindalco and Maruti Suzuki closed down with losses between 1.21%-2.74%.

The market breadth, indicating the overall health of the market, was negative. Out of 3426 stocks traded, 1728 declined while 1579 stocks advanced. A total of 119 stocks remained unchanged.

In conclusion, we expect the markets to remain positive as investors are hoping for a recovery in the domestic economy and for some positive news from the US and European markets.