Markets trading in a narrow range

Vidrum / 02 Mar 2012

As mentioned in our morning update markets opened in the positive territory but afterwards quickly turned into the red.
As mentioned in our morning update markets opened in the positive territory but afterwards quickly turned into the red. At Present both the Indices are trading in the red with Sensex down 42 points at 17541 and Nifty down by 11 points at 5328. Among the sectoral, Realty Index is among the worst performer down 0.41 per cent. FMCG and IT are among the others which are trading marginally in the red zone. On the other hand Health care, Metals and Power are among the gainer Indices. 

On the other hand, Asian Markets are trading in the positive territory with the three major Indices i.e. Nikkei, Hang seng and Shanghai are trading higher in the range of 0.50 to 1 per cent. Asian stocks are trading higher on the back of U.S jobless claims falls and also due to some positive sentiments from the Europe as there is speculation on the bailout. 

Back home, Realty heavyweight DLF, is down 4.43 per cent to Rs 205.15. ONGC is down 1.49 per cent to Rs 283.55, after the flop show of its FPO yesterday. Other stocks like HUL, ITC, HDFC, Infosys are trading lower. On the other hand Metals pack shines on today trading session. Hindalco is among the leading Index gainer up 2.39 per cent to Rs 154.25. Tata Steel and Jindal Steel are also trading higher 1.06 and 0.96 per cent respectively. Other stocks like Sun Pharma, NTPC, BHEL are some of the other stocks which trading higher more than a percent. Cipla, RIL, Bharti Airtel are some of the stocks which are trading marginally in the green zone. 

Suzlon Energy extends yesterday’s gains and is trading higher 1.18 per cent to Rs 30. Orchid chemical is up 2.05 per cent to Rs 189.50, after the news that it has redeemed FCCB which were due in February 2012. Pennar Industries is trading 3.61 per cent higher to Rs 33, after the company bagged order worth Rs 25 crores. 

The market breadth, indicating the overall health of the market, is strong. On BSE, 1376 shares rose while 690 shares declined. And 91 shares remained unchanged. 

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

Benchmark Indices

Index

Rate

% Change

Hang Seng

21595.9

0.97

Nikkei

9777.4

0.72

Shanghai

2448.66

0.93

SENSEX

17541.96

-0.24

NIFTY

5328.95

-0.20


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