Markets positive, expect volatility ahead
Shrikant / 12 Mar 2012
After a positive start to the day, the markets have trimmed their gains. Ahead today, the Jan 2012 IIP numbers are expected.
Following the latest move by the RBI to cut the CRR by 75 basis points, the markets have reacted positively today. The BSE Sensex opened 268 points up, while Nifty opened 86 points up. In later trades, the markets lost their initial gains but have continued trading in positives. The Sensex is currently up 117 points and Nifty is up by 33 points. Ahead today, the markets expect the Jan 2012 IIP data, which is key for the progress of the markets today.
Earlier, the US markets ended higher on positive employment data, indicating that the recovery is well in progress.
On the European front, the Greek swap deal also provided some respite to the global markets.
Other Asian markets seem in volatile trades at the moment. Among the key markets, only Nikkei has managed to trade in positives while Hang Seng and Shanghai are trading in negatives. Of the other indices, the Taiwanese market and the KOSPI are also trading in negatives.
| Benchmark Indices | ||
|---|---|---|
| Index | Rate | % Change |
| Hang Seng | 21,029.42 | -0.27% |
| Nikkei | 9,963.78 | 0.34% |
| Shanghai | 2,429.93 | -0.39% |
| SENSEX | 17,620.27 | 0.67% |
| NIFTY | 5,366.75 | 0.62% |
Among the sectoral indices, CG has surged by 1.99%. CD, Realty, PSU and Bankex have also grown higher by over 1%. Other sectoral indices are also in the green. Though trading in positives, Teck, IT, HC and FMCG are seen a little subdued at this time.
24 of the 30 Sensex stocks are seen in the positives. SBI is leading with 3.15% gains following the liquidity added by the RBI's latest move. L&T is up 2.67% and ICICI Bank is also up by nearly 2%. On the other hand, Cipla, TCS, HDFC Bank, Maruti Suzuki, NTPC, ITC, M&M and ONGC are trading in negatives.
In other stocks, the shares of JP Infra and Wockhardt have surged by over 7% each. Gitanjali Gems and Indiabulls Real Estate have also surged by over 4%. Adani Ports, on the other hand, has lost nearly 4%.
The market breadth, which indicates the overall health of the market, is positive. Out of a total of 1907 stocks, 1361 stocks advanced and 481 stocks declined. 65 stocks remained unchanged.
With the markets already showing volatility and the Jan 2012 IIP data expected shortly, we expect markets to remain volatile today.
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