Markets Trading In Narrow Range
Vidrum / 21 Mar 2012
As expected in our morning update, the Indian markets opened in the positive territory today. At present, though, both the indices are trading in the red zone, with the Sensex down 33 points to 17283 and Nifty down 13 points to 5261 points. Among the sectors, Metals, Oil & Gas and Auto are some of the indices that are trading in the negative territory, while IT, Teck and Healthcare are trading higher.
Other Asian markets are also trading on a weak note. All three major indices, Hang Seng, Shanghai and Nikkei are trading lower by almost 0.50%. The markets are down, as commodities prices have dropped on concerns of China’s economy slowing down.Back home, the Metals pack is showing a lacklustre performance, with leading companies in the sector sliding down. Stocks like Hindalco, Sterlite Industries and Jindal Steel are trading lower down in the range of 1%-2.50%. Auto stocks are continuing yesterday losses, with stocks like Tata Motors, Maruti Suzuki and Hero MotoCorp trading in the red zone. Other stocks like Cipla, RIL, ICICI Bank, GAIL India, etc. are also trading marginally in the red. On the other hand, TCS is the leading index gainer, up 1.66% to Rs 1153.85. Stocks like NTPC, BHEL, HDFC Bank, SBI and Bharti Airtel are some of the stocks that are trading marginally in the green zone.
Man Infra is up 3% to Rs 168 after the news that it has bagged orders worth Rs 113 crore. Tilaknagar Industries is up 1.35% to Rs 60.10 after the news that the promoter has converted 4.28 million warrants into equity at Rs 73 per share.
The market breadth, which indicates the overall health of the market, is strong. On the BSE, 1187 shares rose and 779 shares declined. 79 shares remained unchanged.
We expect the markets to remain volatile for the day.
| Benchmark Indices | ||
|---|---|---|
| Index | Rate | % Change |
| Hang Seng | 20811.76 | -0.37 |
| Nikkei | 10090.54 | -0.51 |
| Shanghai | 2365.57 | -0.47 |
| SENSEX | 17283.07 | -0.19 |
| NIFTY | 5261.1 | -0.26 |
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