Markets Extend Morning Gains

DSIJ Intelligence / 23 Mar 2012

Indian markets at present are trading higher extending their early morning gains.
Indian markets at present are trading higher extending their early morning gains. Both, SENSEX and NIFTY are trading higher by around 0.70 per cent. Among the sectoral indices, Teck, FMCG, Bankex etc are trading higher by more than one per cent while Consumer durables, Metals and Auto are trading on the lower side. 

Asian Markets are trading on a weak note with the three major indices namely Hang seng, Nikkei and Shanghai down more than a per cent. This is on the back of concerns that the Chinese economy is slowing down which could dampen the global growth prospects. European Markets have opened marginally in the green zone. 

Back home, HDFC bank is the leading Index gainer up 2.43 per cent to Rs 514.80. FMCG stocks continue to trade higher with ITC and HUL trading up 1.48 and 1.63 per cent respectively. Other stocks like Wipro, SBI, NTPC, HDFC etc are trading marginally in the green zone. On the other hand Auto stocks continue to slide with stocks like Maruti Suzuki and Bajaj Auto down 2.78 and 1.87 per cent respectively. Metals pack are also trading in a lacklustre manner with stocks like Sterlite Industries, Hindalco, Jindal Steel trading lower more than a per cent. Other stocks like Tata Power and Tata Steel are trading marginally in the red zone.  

The market breadth, indicating the overall health of the market, is weak. A total of 1334 shares declined while 1277 shares have gained. An aggregate of 128 shares remained unchanged. 

In conclusion, we expect the markets to remain volatile for the rest of the day and advise readers to play with cautious. 

Benchmark Indices

Index

Rate

% Change

FTSE

5854

0.14

DAX

6994.78

0.19

CAC

3474.91

0.07

Hang Seng

20653.61

-1.19

Nikkei

10011.47

-1.14

Shanghai

2349.54

-1.10

SENSEX

17327.7

0.76

NIFTY

5265.65

0.71

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