Markets end see-saw day in positive

The Indian markets had a see-saw trading day, though they remained almost range-bound. Finally, the broader market ended today's session on a positive note. Among the sectors, Bankex closed higher by 1.31%. Healthcare and Capital Goods were among the other sectors which closed on a upper note. On the other hand, Realty was the major index loser, down 2.69%, while Auto and FMCG closed down 0.45% and 0.32% respectively.

Other Asian markets closed on a quiet note today, with Nikkei and Shanghai down 0.16% and 0.10% respectively. Hang Seng closed marginally in the green zone.

The European markets are trading in a mixed bag, though they are very flat. FTSE and CAC are trading down marginally, while DAX is trading 0.14% in the green zone. This is on the back of the Euro leaders agreeing to speed up payment to the permanent bailout fund.

Dow Jones Futures is currently trading 17 points or 0.13% down at 12956, indicating a negative sentiment in the US markets.

Back home, Sun Pharma was the biggest index gainer, closing 3.33% higher at Rs 567.10. The Metals pack shone in today’s trading session, with stocks like Jindal Steel and Tata Steel closing the session higher by 2.55% and 1.37% respectively. Banking stocks also held the market, with the likes of ICICI Bank up 1.77%, while HDFC Bank and SBI closed today’s session up by almost 1%. Others like Sterlite Industries, HDFC and RIL closed the session higher marginally in the green zone.

On the other hand, DLF continued yesterday’s losses and was the leading index loser, down 5.03% to Rs 203.85. Auto stocks like Bajaj Auto, Mahindra & Mahindra, Hero MotoCorp, etc. closed the session in the negative territory. Other stocks like Infosys, TCS, GAIL India and ITC closed the session marginally in the red zone.

Among individual stocks, ONGC closed trade 2.22% down at Rs 281.45 after its FPO flop show yesterday. Zee Entertainment closed 4.93% higher at Rs 136.30 on the back of news that the company has received lending rights in China.

The market breadth, which indicates the overall health of the market, was negative. Out of the 3346 stocks traded on the BSE, 1656 declined, 1564 advanced and 126 remained unchanged.

We expect the markets to remain volatile for the next week, as investors are jittery about invest in markets that fail to provide any concrete direction. On Mar 5, 2012, the UP assembly election results are slated to come in, which could move the markets in either direction.