Markets Open Positive, ICICI Bank Up Ahead Of Q4 Earnings

The markets have opened in positive after seeing 4 sessions of volatility in this week. BSE Sensex is currently trading with gains of 68 points while 50 shares Nifty Index is up 25 points. The Nifty index for three days has been hovering near the cruicial 5200 mark. ICICI bank has surged 1.6% ahead of its quarterly results today. The investors have sent the shares up on the speculation of the good earnings by this private sector bank. Shares of Mahindra and Mahidra are also on the radar of the buyers and the stock is trading up nearly 2%.

Globally, the US and European markets rose yesteday on the better housing data in US as well as good earnings posted by Royal Dutch Shell. Asian Markets are trading in positive except for the Taiwanes and Shanghai index.

Meanwhile S&P has downgraded Spain to BBB- and has also revised outlook to Negative. The rating agency has also said that Spain’s situation may worsen if ambitious measures are not taken. Two other rating agencies are also carrying negative outlook for Spain.

Among the Sensex stocks beside M&M and ICICI bank, Hindalco Industries is also trading with 1.6% gains. Power stocks are up after the power ministry said that it will not approve the minimum penalty clause by Coal India. BHEL is up 1.5%, NTPC is also up with 1.1% gains. Coal India on the other hand is down 1.28%. SBI is down 0.52%.

On the sectoral front there is power index has surged 1% at this time of the day. Capital Goods index is also up 0.9% as stocks of power equipment makers are up. Besides L&T and BHEL, ABB, Thermax, Suzlon Energy, Siemens etc are trading with gains.

Among the individual stocks, Bajaj Finserve is trading in gains of 9% from yesterdays closing. Indiabulls finance is up for the thrid consecutive day ahead of its result due today. Shares of Biocon have surged 2.65% as company is expected to announce its March quarter performance. Strides Arcolab has today surged by 1.97%. Yesterday investors saw the result largely negative due to the standalone loss. Company also has acquired a USFDA facility in India.

Shares of Astra Zenecea have declined by 6.6%. The investors had expected the delisting gains from the company however there is no news on that front. Ranbaxy is also down at the moment. United Spirits which surged for last two days has now declined by 1.69%.

Shares of Hexaware have surged by 1% after company reported flat growth in net profit. Shares of L&T Finance are trading flat after company reported 44% rise in net profit. DLF is trading marginally up over the news that it will sell the land in Mumbai.

Among the IPO canidates TBZ IPO is over subscribed 1.14 times on last day. Samvardhana Motherson Finance which will come with an IPO has set a price band of Rs 113 to Rs 118. The IPO will open on 2^nd May 2012.

Bajaj Fineserve, Hexaware tech, Biocon, IRB Infra etc have shown rise in volumes. SBI, United Spirits, Bajaj Fineserve, ICICI bank, Axis bank have shown rise in the turnover while high volumes are seen in Lanco Infra.

Neelamalai Agro, Essar India has touched new high today. On the simillar lines Muthoot Finance is trading with new low.

Companies like Magma Fincorp, Kirloskar Industries, Biocon, Ador Welding, Tamilnadu Petroproducts etc have recommended divided at this morning today.

The market breadth, indicating the overall health of the market, is positive as totla 58% stocks have advanced compared to 36% declines.

Ahead today due to the Spain downgrade we expect the market will remain range bound.