Markets Turn Clueless Post Budget

Vidrum / 19 Mar 2012

As mentioned in our morning update markets opened sideways and are now trading in the red zone, still finding a clear direction post budget.
As mentioned in our morning update markets opened sideways and are now trading in the red zone still finding a clear direction post budget. At present both the indices are trading in the negative territory with Sensex down 30 points at 17436 and Nifty down by 11 points at 5307. Among the sectoral, IT, Teck, Bankex etc are trading in the red zone while Consumer Durables, Metals, Auto etc are trading higher. 

Other Asian Markets are trading on a mixed note. Hang seng and Nikkei are trading higher 0.27 and 0.29 per cent while Shanghai is trading lower down 0.28 per cent. Chinese market is trading lower after the home prices posted the worst performance in a year.

Back home, IT major TCS has been the biggest loser and is down 2.02 per cent to 1143.95. Banking heavyweights HDFC bank and SBI are trading lower, down 1.36 and 0.94 per cent respectively. Other stocks like ONGC, Coal India, Bajaj Auto, Infosys are also trading lower in the range of 0.75 to 1 per cent. Stocks like L&T, Maruti Suzuki, Tata Power, Jindal steel are some of the stocks which are trading marginally in the red zone. On the other hand Sterlite Industries is the leading Index gainer up 2.36 per cent to 116.90. FMCG major ITC has extended its Friday gains and is trading higher 2.04 per cent to Rs 220.50. Stocks like Mahindra and Mahindra, Tata Motors, Hindustan Unilever, Tata Steel etc are trading higher more than a per cent.  

Atlas Cycle is up 4.53 per cent to Rs 412.10, after the news came in from the Budget that custom duty on bicycle is hiked. Eros International Media is trading 3.01 per cent higher to Rs 202, after the news that it has launched online entertainment service “Eros Now” which will offer digitized bollywood film content. 

The market breadth, indicating the overall health of the market, is strong. On BSE, 1257 shares rose while 755 shares declined. And 87 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

21374.96

0.27

Nikkei

10159.22

0.29

Shanghai

2398.06

-0.28

SENSEX

17436.14

-0.17

NIFTY

5307.25

-0.20

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