Markets Hold On Positive, Titan Up 6%

The Indian markets have retained their morning gains, though they have been swinging between the positives and the negatives. The BSE Sensex is currently up by 90 points or 0.52%, and Nifty is up by 24 points or 0.46%. Meanwhile, the HSBC Manufacturing Purchasing Managers Index (PMI) stand at 54.7 for Mar 2012 as compared to 56.6 in Feb 2012. The slower expansion plans by the Indian manufacturing sector have been factored in.

Among the Asian peers, the Hang Seng has remained in the negative zone, while Nikkei is holding ground with marginal gains.

The European markets have opened positive, with the FTSE and CAC surging by 0.4% each and DAX surging by 0.82%.

Among the sectoral indices, CD has rallied by 3.79% at this time, largely pulled by the index heavyweight, Titan Industries. Power, Realty and CG are also up over 1.5% each. The interest rate-sensitive Auto and Bankex indices are also seen in the positive. FMCG, on the other hand, is marginally down.

From the Sensex stocks, DLF is up by 3.25%. NTPC has expanded its morning gains by 2.34%. M&M and Tata Motors have surged due to their sales number in Mar 2012. L&T is also up by 1.71%. Banking major SBI is up by 1.59%. On the other hand, Bajaj Auto, Coal India and Hindustan Unilever are all down over 1%. Sterlite Industries, Maruti Suzuki, Infosys, ITC, GAIL India and RIL are also marginally down.

Of the other stocks, Aurobindo Pharma is still trading in the negatives. Ranbaxy is down about 2% despite a product approval and dispatch of Atorvastatin from its Mohali facility. The shares of Kingfisher have further slipped by 6%. Those of PFC and REC have gained, as the Tamil Nadu SEB has increased the tariffs.

The market breadth, which indicates the overall health of the market, is very positive. Out of a total of 2674 stocks, 1833 stocks, 744 stocks declined and 97 stocks remained unchanged.

With the positive opening seen in the European markets, we expect the market to remain volatile but with a positive bias.