Indices flat, SBI down 4%
DSIJ Intelligence / 22 Feb 2012
Markets have continued trading in the volatility. European markets have also shown flat opening.
The Indian markets have continued trading on a volatile note. Both the indices are currently trading flat. Index heavyweight, SBI, is down by over 4% as the company announced that it will lend money to the troubled Kingfisher Airlines.
Other Asian markets have reversed their morning losses and inched higher. While the Hang Seng was up by 46 points or 0.22%, Nikkei and Shanghai shot up by 0.90% each. Chinese shares rose as the Chinese PMI index improved marginally and was at 4-month high.
The European markets have opened flat. FTSE and DAX are trading flat, while the CAC is trading with gains of 0.37%.
| Benchmark Indices | ||
|---|---|---|
| Index | Rate | % Change |
| FTSE | 5,936.76 | 0.14 |
| CAC | 3,478.02 | 0.37 |
| DAX | 6,906.91 | -0.02 |
| Hang Seng | 21,525.41 | 0.22 |
| Nikkei | 9,554.00 | 0.96 |
| Shanghai | 2,403.59 | 0.93 |
| Sensex | 18,419.30 | -0.05 |
| Nifty | 5,596.65 | -0.19 |
Among the sectoral indices, IT is leading with 1.27% gains. Oil & Gas, Teck and HC are the other three indices showing a marginal uptrend. All the other indices are not in the red, indicating that volatility will remain in the markets today. CD is taking the maximum beating and is down by over 2%.
13 of the 30 Sensex stocks are trading in positives. TCS is the leader, surging by 2.11% so far. BHEL is riding the positive sentiment as well with new orders that it issued, and is up by 1.84%. Other IT majors Infosys and Wipro are also seen trading with partial gains. Sun Pharma has gained 1.32% over the news of the off the court settlement of its patent row with Wyeth. On the other hand, SBI is down by 4.15% at this time. Sterlite is also down by over 4% over its merger plan.
Tata Communications has gained by 7% as the news came in that the company will announce its biggest partnership tomorrow. Energy stocks such as BPCL, HPCL and Essar Oil have also gained over 3% each. Lanco Infra, which had been gaining for the last 2 weeks, has given away 10.43% so far in the day. United Spirits is also down by 9%. IRB Infra, REC and Dish TV are also in the losers list.
Kingfisher Airlines is currently trading flat to positive on news that the company will get financial aid from SBI. Other airlines such as Jet and SpiceJet are seen under pressure.
The market breadth, which indicates the overall health of the market, is negative. Out of a total of 3258 stocks, 1154 stocks, 1990 stocks declined and 114 stocks remained unchanged.
In our opinion, the markets will continue to remain volatile ahead in the day.
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