Day Closes In Green, Kingfisher Up 10%

After the positive opening in the morning, the Indian markets traded in positive for the entire day. By closing however, the market came off the day’s high, as the European markets turned volatile. At the day's end, the Sensex was up by 107 points or 0.61%. Nifty was also up 40 points or 0.76%.

The peer Asian indices gave no firm cues for the second day of this week. The Hang Seng closed up by 1.31% and Nikkei closed down with intraday losses of 0.59%.

All the key European indices opened in the green, but have snapped the gains and turned volatile.

Dow Jones Futures is currently trading 0.20% or 26 points down at 13163, indicating a negative sentiment in the US markets.

Back home, the CD index was seen in the positives for the entire day and closed with 2.04% gains. The Bankex, CG, Oil & Gas, Metals and PSU indices also remained positive for the entire day and closed with more than 1% gains. Teck, IT, Auto and HC however, remained negative at the end of the day.

From the Sensex stocks, Hindalco was up by 3.25% and Sterlite Industries was up by 2.87%, SBI, L&T, ICICI Bank, RIL, BHEL, GAIL India, Tata Motors, Tata Power, Tata Steel and ONGC were all up over 1% by the end of trade. However, Hero MotoCorp, Maruti Suzuki and M&M closed in the negatives. Sun Pharma and TCS also featured in the list of negatives.

In other stocks, NALCO, Manappuram Finance, Essar Oil, Pantaloon Retail, CRISIL and TTK Prestige were each up by over 6%.

Glenmark Pharma announced today that it has secured ANDA approval for Desogestrel & Ethinyl Estradiol tablets. The scrip was up by nearly 1.26%. Suven Life Sciences has also announced that it has secured 4 product patents for their new chemical entities in China and Korea. The scrip was up 9%.

The shares of Kingfisher Airlines were up 10.26%, as its employees withdraw their agitation plan.

Overall, the market breadth remained positive today. Out of a total of 3265 stocks traded on the BSE, 1939 stocks (59%) advanced, 1197 stocks (37%) declined and 129 stocks (4%) remained unchanged.

With the markets remaining positive for two consecutive days, investors should not fall prey to the idea that they will continue to behave so. The recent budget announcement has hammered the markets, and the impact of the proposed tax hike would be visible in the next fiscal.

The Q4 and full year results are due soon, which would put individual stocks on the radar. We advise investors not to remain bullish on sectors, but pick stocks on an individual basis.