Markets volatile, HDFC down 4%

Markets have opened on a flat note on the third consecutive morning of this week.  Both the benchmark indices are in negative trades at this hour.BSE Sensex is down by 0.27% while Nifty is down by 0.31%.

Earlier US ended higher on better economic data. The unemployment claims have remained steady and are at higher lever that of those seen during the recession of 2008. European market however closed on a flat note where FTSE ended in green while CAC and DAX ended in red.

The Asian markets at the moment seem doing better that what they did yesterday. Nikkei and Shanghai are trading up with over 0.2 per cent gains. Hang Seng is down marginally. Benchmark indices in Taiwan as well as in South Korea have also edged higher by over 0.3%.

Among the sectoral indices CD has surged by 2.29%. IT and Tack have also grown higher by over 1%. FMCG, Power, Metal and HC are trading with marginal gains. On the other hand Bankex is down by 1.35%. CG, Realty and Oil and Gas are also seen in negative territory.  

Among the Sensex stocks Sterlite industries after taking huge beatings in last two days, has shown some recovery. The scrip has gained 3.3%. Hindalco has also gained by 1.67%. IT stocks such as TCS, Wipro and Infosys are also seen in the gains. Energy stocks NTPC, Tata Power, Gail India, ONGC, and Coal India are trading in the greens. Shares of HDFC are seen making intraday losses of over 4%. ICICI bank is also taking the negative pressure and is down by 2.10%. SBI, after it issued of shares to Govt. at discount, has dropped 31 points from its yesterdays closing.

Among the other stocks, shares of Ranbaxy have lost by about 1%. Company announced its December quarter results yesterday where it reported a net loss of Rs 2883 crore.

The market breadth, indicating the overall health of the market, is mixed. Out of total 2529 stocks 1383 stocks advanced, while 1055 stocks declined. A total 91 stocks remained unchanged

Going ahead, we expect the markets to remain volatile today.