Markets Trading Marginally In Red
Vidrum / 25 May 2012
As expected in our morning update, the Indian markets opened sideways in the negative territory today. At present, both the indices are trading lower, with the Sensex down 31 points at 16198 and Nifty down 11 points at 4908.
As expected in our morning update, the Indian markets opened sideways in the negative territory today. At present, both the indices are trading lower, with the Sensex down 31 points at 16198 and Nifty down 11 points at 4908. Among the sectoral indices, Oil & Gas, IT, Consumer Durables and Teck are trading lower, while Metals, Power and Capital Goods are on the higher side.
Other Asian markets are also trading lower. Hang Seng and Shanghai are trading lower by almost 0.4%, while Nikkei is trading marginally in the green zone, up 0.07%. This is on the back of speculation that the European debt crisis may worsen further, and also over the uncertainty on the Chinese economic growth.
Back home, ONGC has witnessed some profit booking after being the leading gainer in yesterday’s trading session. Today, the scrip is down 1.5% to Rs 253.10. Auto stocks continued to slide after OMCs hiked the price of petrol by Rs 7.50 per litre. Tata Motors, Mahindra & Mahindra and Bajaj Auto are trading lower in the range of 0.7%-1%. Other stocks like ITC, Wipro, HUL and Jindal Steel are trading marginally in the red zone.
On the other hand, Metals stocks are shining. Tata Steel and Sterlite Industries are among the leading index gainers, up by more than 1%. Other scrips like Sun Pharma, BHEL and Tata Power are trading higher in the range of 0.7%-1%. GAIL India, L&T, DLF, SBI, etc. are trading marginally in the green zone.
Bharti Airtel is trading 0.84% higher at Rs 300.30 after news that the company has acquired a 49% stake in US telecom major Qualcomm Inc.’s broadband wireless access (BWA) company in India for an initial investment of USD 165 million (around Rs 907 crore). TVS Motors is trading higher by 3.14% at Rs 34.45 after the company reported good numbers for the Mar 2012 quarter, with a net profit growth of 31% to Rs 57 crore.
The market breadth, which indicates the overall health of the market, is strong. On the BSE, 1189 shares advanced and 687 shares declined. 78 shares remained unchanged.
We expect the markets to show volatility for the day.
| Benchmark Indices | ||
|---|---|---|
| Index | Rate | % Change |
| Hang Seng | 18610 | -0.30 |
| Nikkei | 8569 | 0.07 |
| Shanghai | 2341.54 | -0.40 |
| SENSEX | 16191.49 | -0.19 |
| NIFTY | 4908.25 | -0.27 |
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