Markets Trade Higher, All Sectors In Green
Vidrum / 24 May 2012
The Indian markets are moving smartly higher, extending their morning gains. At present, both the indices are trading higher by more than 1% each.
The Indian markets are moving smartly higher, extending their morning gains. At present, both the indices are trading higher by more than 1% each. This is after investors saw some buying opportunities in some of the stocks that were beaten down in the past trading sessions. All the sectoral indices are in the green zone, with Oil & Gas trading higher by more than 2%. Others like Bankex and Metals are also trading higher by 1.73% and 1.19% respectively. Indices like Heathcare, Auto and Consumer Durables are trading higher marginally in the green zone.
Petrol prices have been raised with effect from midnight by Rs 7.50 per litre, taking the prices around 11.5% higher. This hike was much steeper than the street's expectations of around Rs 3-4.
The rupee has seen a further fall against the dollar today, with the RBI also unable to take appropriate steps. The currency is currently trading at 56.25, a 0.45% depreciation against the USD.
Other Asian markets are trading in a mixed bag, with Nikkei trading higher marginally in the green zone and Hang Seng and Shanghai trading lower in the red zone. According to media reports, China’s manufacturing activity has seen some contraction in the month of May as the condition for exports has worsened.
Back home, Oil & Gas major ONGC is the leading index gainer, up 3.93% to Rs 252.55. Metals stocks like Hindalco and Jindal Steel are trading higher by 2% and 1.5% respectively. Other stocks like HDFC, HDFC Bank, Bharti Airtel and ICICI Bank are trading up by more than 1%. Tata Steel, L&T, Coal India, Sterlite Industries, etc. are trading marginally in the green zone.
On the other hand, Auto majors, Maruti Suzuki and Hero MotoCorp are trading lower by 1.67% and 0.77% respectively. Other stocks like SBI, Mahindra & Mahindra, Cipla, Bajaj Auto, TCS, etc. are trading marginally in the red zone.
Sun Pharma is trading lower by 1.11% at Rs 565 after the company announced USFDA approval for the generic Astelin Nasal Spray.
The market breadth, which indicates the overall health of the market, is strong. On the BSE, 1320 shares gained, 1057 shares declined and 122 shares remained unchanged.
We expect the markets to remain volatile for the day.
| Benchmark Indices | ||
|---|---|---|
| Index | Rate | % Change |
| FTSE | 5305.81 | 0.75 |
| DAX | 6322.73 | 0.58 |
| CAC | 3014.42 | 0.38 |
| Hang Seng | 18778.95 | -0.04 |
| Nikkei | 8563.38 | 0.08 |
| Shanghai | 2350.97 | -0.53 |
| SENSEX | 16138.16 | 1.19 |
| NIFTY | 4894.05 | 1.21 |
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