Markets trading higher

As mentioned in our morning update, the Indian markets opened in the positive territory today. At present, both the indices are trading in the green zone, with the Sensex up 208 points at 17939 and Nifty up by 66 points at 5441. All the sectors are trading in the green zone, indicating a good positive sentiment. Consumer Durables, Realty and Capital Goods are among the leading indices, all trading higher by more than 2%.

On the other hand, the Asian markets are trading in a mixed bag, with Nikkei and Hang Seng up 0.93% and 0.54% respectively. Shanghai is trading in the red zone, down 0.59% to levels of 2437. The Chinese market is down on concerns that the housing policy may be reversed.

Back home, ONGC is among the leading index gainers, up 4.06% to Rs 295.05 after the news that its FPO price has been fixed at Rs 290. Metal stocks are shining with scrips like Hindalco and Sterlite up 2.35% and 2.40% respectively. Capital Goods heavyweights, BHEL and L&T, are also trading higher by 3.35% and 1.68% respectively. Others like ITC, ICICI Bank, Coal India, NTPC, GAIL India, etc. are trading marginally in the green zone. On the other hand, IT majors, TCS and Infosys, are trading in the red zone, down 0.30% and 0.05% respectively.

BGR Energy is trading higher by 6.40% to Rs 358.05 on the back of speculations that it may get orders from electric utilities company, NTPC. Essar Oil is up 2.47% to Rs 64.30, despite the news that it lost Rs 3013 cr in insurance claims.

The market breadth, which indicates the overall health of the market, is strong. On the BSE, 1400 shares rose and 387 shares declined. 65 shares remained unchanged.

In conclusion, we expect the markets to remain volatile for the day.