Markets Looking Nervous
DSIJ Intelligence / 03 May 2012
As expected in our morning update, the Indian markets opened in the negative territory today. At present, both the indices are trading higher, with the Sensex down by 69 points at 17232 and Nifty down by 25 points at 5214.
As expected in our morning update, the Indian markets opened in the negative territory today. At present, both the indices are trading higher, with the Sensex down by 69 points at 17232 and Nifty down by 25 points at 5214. Among the sectors, Auto, Bankex and Metals are trading weak, dragging the market southwards, while Consumer Durables, IT and Teck are trading higher.
In the other Asian markets, Hang Seng and Shanghai trading lower. The markets are trading weak as the data on global jobs disappointed. Further, the Chinese service industry signalled weaker economic growth.
Back home, FMCG heavyweight, HUL, is the leading index gainer, up 1.41% to Rs 431. The stock continued yesterday’s uptrend after it posted robust financial numbers. The IT index moved up, with stocks like Wipro, Infosys and TCS trading higher in the green zone. Other stocks like Cipla, Sterlite Industries and BHEL are also trading higher in the positive territory.
On the other hand, the Auto stocks continued their losing trend after the muted-to-subdued sales growth numbers of most of the Automobile companies. Hero MotoCorp, Bajaj Auto, Maruti Suzuki, etc. are trading lower in the range of 1%-6%. ICICI Bank and SBI are also trading lower by 1.86% and 0.92% respectively. The Metals pack also looks lacklustre, with stocks like Tata Steel, Jindal Steel, Hindalco. etc. trading weaker and dragging the markets lower.
Biocon is trading 0.06% lower at Rs 237.50 after the news that Abbott is collaborating with Syngene (an arm of Biocon) to open the first nutrition R&D centre in India. Satyam Computer Services is trading 0.13% higher at Rs 75.80 after the news that the company has enhanced its relationship with Symantec to collaborate on security solutions for smart grid network security. Among others, ACC and Ambuja Cements are both trading in a very narrow range after they reported their cement production numbers for April 2012.
The market breadth, which indicates the overall health of the market, is weak. On the BSE, 774 shares rose and 1195 shares declined. 77 shares remained unchanged.
We expect the markets to remain volatile for the day, with a negative bias.
| Benchmark Indices | ||
|---|---|---|
| Index | Rate | % Change |
| Hang Seng | 21203.49 | -0.50 |
| Nikkei | 9380.25 | 0.00 |
| Shanghai | 2429.49 | -0.37 |
| SENSEX | 17232.08 | -0.40 |
| NIFTY | 5214 | -0.48 |
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