Markets trading up on UP poll results
Chandrakant / 06 Mar 2012
The Indian markets opened on a weak negative note today. However, with the UP poll results set to reveal which party has won the elections, the markets are getting a positive boost. Both Sensex and Nifty are up by 0.30% and 0.36% respectively.
The Indian markets opened on a weak negative note today. However, with the UP poll results set to reveal which party has won the elections, the markets are getting a positive boost. Both Sensex and Nifty are up by 0.66%.
Other Asian markets also opened on a negative note, as concerns over the slowing growth in China overshadowed the better-than-expected US economic numbers. The Chinese Premier, Wen Jiabao, said that the country will be targeting 7.5% growth this year as compared to growth targets of 8% for the past seven years.
| Benchmark Indices | ||
|---|---|---|
| Index | Rate | % Change |
| Hang Seng | 20,944.54 | -1.53 |
| Nikkei | 9,606.52 | -0.96 |
| Shanghai | 2,417.29 | -1.15 |
| SENSEX | 17467.71 | 0.66 |
| NIFTY | 5315.15 | 0.66 |
All the sectoral indices barring Oil & Gas and Metals were trading in the positive zone. Consumer Durables and Bankex are among the leaders, with gains of 1.72%, 1.66% and 0.91% respectively. Other indices such as Auto, Consumer Goods, IT, PSU, etc. are up with gains between 0.84%-0.73%.
Among the Sensex shares, Bharti Airtel, Cipla, Hindalco, HUL, RIL, Sterlite and Tata Steel are down between 0.20%-2.07%. On the gainers side, DLF, Coal India, M&M, HDFC, Infosys ITC, Jindal Steel, ONGC, Tata Motors, etc. are trading with gains between 0.27%-1.98%.
The market breadth, which indicates the overall health of the market, is positive. On the BSE, 1168 shares rose and 704 shares fell. 84 shares remained unchanged.
We expect the markets to remain flat and positive for the day on the back of the UP elections results. The European markets will also provide some vital cues on the desired direction of the market trend in the late afternoon session.
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