Nifty Hovers Around 4900

As mentioned in our morning updates, Indian markets opened sideways in line with global cues. At present, both the indices are trading higher, with the Sensex up by 69 points to 16222 and nifty up by 22 points to 4914 points. Among the sectoral Indices, only FMCG Index is trading lower while other all Indices are trading higher. Realty, Bankex, Capital goods, Power Indices are trading higher more than one per cent.

Other Asian markets are trading in mixed bagged with Nikkei and Shanghai trading higher while Hang seng is trading marginally in the red zone. Chinese and Japanese stock are trading higher on the back of speculation that the government may take some steps to fuel the growth in the economy.

Back home, India largest bank State bank of India is the leading Index gainer up 2.91 per cent to Rs 1998.50, after the bank posted robust March quarter numbers which were above the streets estimates. The stock had a up move of around 5 per cent in Friday’s trading session and toady also is trading higher. Metals stocks witness some buying after been beaten down in the past trading session. Stocks like Hindalco and Jindal steel are trading higher 1.39 and 1.36 per cent respectively. Other stocks like Mahindra and Mahindra, HUL, ONGC, ICICI bank, RIL etc are trading marginally in the green zone.

On the other hand, Tata steel is trading lower after it posted a poor March quarter numbers post market hours on Friday. The stock is the leading Index loser down 2.34 per cent to Rs 390.5. Other I.T players like Wipro and Infosys are trading lower down 0.86 and 0.56 per cent respectively. FMCG heavyweight ITC is trading lower 0.61 per cent dragging the BSE FMCG Index lower. Other loser list include Tata Motors, Cipla, NTPC etc are trading marginally in the red zone.

The market breadth, which indicates the overall health of the market, is strong. On the BSE, 1268 shares advanced and 670 shares declined. 93 shares remained unchanged.

We expect the market to remain volatile for the day.