Markets Open In Green, ICICI Bank Up Ahead Of Q4 Earnings

The Indian markets have opened in the positive after witnessing 4 sessions of volatility this week. The BSE Sensex is currently trading with gains of 68 points, while the 50-share Nifty is up 25 points. The Nifty has been hovering near the crucial 5200 mark for three days now. ICICI Bank has surged by 1.6%, ahead of its quarterly results today. Investors have sent the shares up on speculations of good earnings by the private sector bank. The shares of Mahindra & Mahindra are also on the radar of buyers, and the stock is trading up nearly 2%.

Globally, the US and European markets rose yesterday on better housing data in the US as well as on good earnings posted by Royal Dutch Shell.

The other Asian markets are trading in positives, except for the Taiwanese and Shanghai indices.

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

Among the Sensex stocks, besides 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% and NTPC is also up with 1.1% gains. Coal India, on the other hand, is down by 1.28%. SBI is down 0.52%.

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

In individual stocks, Bajaj Finserv is trading with gains of 9% from yesterday's closing. Indiabulls Finance is up for the 3rd consecutive day ahead of its quarterly results due today. The shares of Biocon have surged by 2.65%, as the company is expected to announce its Mar 2012 quarter performance. Strides Arcolab has surged by 1.97% today. Yesterday, the investors saw the company's results largely negative due to its standalone losses. In the latest news, the company has acquired a USFDA facility in India.

The shares of Astra Zenecea have declined by 6.6%. Investors had expected delisting gains from the company, but there is no news on that front. Ranbaxy is also down at the moment. United Spirits, which surged for the past 2 days, has now declined by 1.69%.

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

From among the IPO candidates, TBZ IPO has been oversubscribed 1.14x on the last day. Samvardhana Motherson Finance, which will come out with an IPO, has set a price band of Rs 113-118. The IPO will open on May 2, 2012.

Companies like Bajaj Finserv, Hexaware Tech, Biocon, IRB Infra, etc. have seen a rise in volumes. SBI, United Spirits, Bajaj Finserv, ICICI Bank and Axis Bank have shown a rise in turnover, while high volumes are seen in Lanco Infra.

Neelamalai Agro Industries and Essar India have touched new highs today. On similar lines, Muthoot Finance is trading at a new low.

Magma Fincorp, Kirloskar Industries, Biocon, Ador Welding, Tamilnadu Petroproducts, etc. have all recommended dividends today.

The market breadth, which indicates the overall health of the market, is positive as 58% stocks have advanced compared to 36% that have declined.

Ahead today, we expect the market will remain range-bound due to the Spanish downgrade.