Markets gain on inflation data, Titan up 5%

Other Asian markets have curtailed their morning losses. The Hang Seng and Nikkei however, closed with losses of about 0.2% by the end of the day. Shanghai closed in the positives.

Meanwhile, the European markets have opened with a mixed trend. The FTSE and DAX are trading in negatives, while CAC is trading flat. Earlier today, some respite was given by European finance ministers, who have agreed to a bailout package of 130 billion Euro for Greece.

Among the sectoral indices, CD, which was trading on a subdued note in the morning session, has now gained by 2.61%. It has largely been pulled up by Titan Industries, which has more than half of the index weight, and has surged by over 5%. Realty and Oil & Gas are also trading firm with over 2% gains. Power and CG are up by more than 1% each. Teck has reversed its morning losses into positives, while IT is still seen trading in negatives.

Of the 30 Sensex stocks, 19 are trading in positives. Power stocks such as BHEL and Tata Power have surged, while NTPC is trading with minor losses. Tata Steel, ONGC, RIL and Hindalco all have gained by more than 2%. IT stocks such Infosys, TCS and Wipro are seen in pressure.

Kingfisher Airlines tanked by over 7% today after it announced that its accounts have been frozen by the tax authorities. SpiceJet and Jet Air India, on the other hand, have gained as their business will grow due to the worsening case of Kingfisher.

The market breadth, which indicates the overall health of the market, is positive. Out of the total of 2934 stocks, 1563 stocks advanced, 1259 stocks declined and112 stocks remained unchanged.

In our opinion, the markets will remain volatile ahead in the day.