Markets trading in red

Vidrum / 27 Feb 2012

As mentioned in our morning update markets have opened in the negative territory. At Present both the Indices are trading in the red zone with Sensex down 169 points at 17754 and Nifty down by 60 points at 5368.
As mentioned in our morning update markets have opened in the negative territory. At Present both the Indices are trading in the red zone with Sensex down 169 points at 17754 and Nifty down by 60 points at 5368. All the sectors are trading in the red zone except FMCG which is trading higher almost by a per cent. Reatly and Capital goods are among the worst performers today down more than 3 per cent. 

However, Asian Markets are trading in the positive zone with Hang seng and Nikkei trading higher by 0.26 and 0.42 per cent respectively while Shanghai is trading in the green zone up by 0.73 per cent. Nikkei is trading higher after the yen touched a nine month low versus the dollar.
  
Back home, Capital goods heavyweight, L&T is among the leading Index loser trading lower by 3.33 per cent at Rs 1305 a share. Other metal stocks are trading in a lackluster manner with likes of Hindalco, Tata Steel and Jindal Steel trading down between the range of 3 to 2 per cent. ICICI bank is trading 2 per cent lower at Rs 913, on concerns that its asset quality may deteriorate further. Other stocks like RIL, Infosys, HDFC and Coal India are trading lower by less than a per cent. On the other hand FMCG major HUL and ITC are trading higher almost a per cent. Other defensive bets like Sun Pharma and Cipla are trading higher by 1 and 0.61 per cent respectively. Other gainers includes stocks like Bharti Airtel, TCS and ONGC  

Subex is trading 1.30 per cent higher at Rs 31.10, after the news that the FCCB which were going to be matured soon have been extended. Glenmark Pharma is down 1.44 per cent at Rs 308.70, after the news pertaining to the recalling of 7 of its oral tablet batches due to a packaging error.    

The market breadth, indicating the overall health of the market, is weak. On BSE, 1446 shares declined while 725 shares rose. And 73 shares remained unchanged. 

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

Benchmark Indices

Index

Rate

% Change

Hang Seng

21462.91

0.26

Nikkei

9687.88

0.42

Shanghai

2457.5

0.73

SENSEX

17754.11

-0.95

NIFTY

5368.75

-1.12


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