Markets Up 0.5%
DSIJ Intelligence / 15 Jun 2012
The markets as we expected have opened in positives owing to the positive cues coming from global indices. From the early gains the markets have come down a bit however have continued to trade in positives. The markets are mostly up on the hopes that the Apex bank of India will cut the rates on Monday in a bid to help grow the country while fighting the high inflation.
The Asian indices are mostly trading in positive over renewed confidence that the major central banks in the world will take positive measures of enhancing liquidity in the case if Greece election goes bad. Japan’s Nikkei, China’s Shanghai and South Korea’s KOSPI are trading in negatives. Contrastingly Chinese Hang Seng and Taiwanese Index are trading in positives. SGX Nifty is up 35 points giving some positive support.
| Benchmark Indices | Current Value | Change(%) |
|---|---|---|
| SENSEX | 16,764.99 | 0.52% |
| NIFTY | 5,082.10 | 0.54% |
| Hang Seng | 19,032.00 | 1.19% |
| Shanghai | 2,404.00 | -0.04% |
| Nikkei | 8,563.00 | -0.07% |
Banking stocks are leading the gains on the sectoral front. Auto and Realty stocks are also trading with gains. Capital Goods index, on the other hands is the only loser index as the growth of the sector is worrisome as per the recent IIP numbers. Besides due to the coal shortages, the order book position of the top companies has tumbled and hence investors are not very bullish on the sector.
On the broad indices, BSE 100,200 and 300 are also trading up. Small cap and Mid cap indices have gained partially at this hour.
On the BSE among the Sensex stocks, Coal India has surged by 1.89% on the news that there will be further price hike. Shares of Tata Motors are up 1.7%. ICICI Bank is also up 1.6%. Bajaj Auto on the other hand has lost 1.7% at this time. Sterlite and Bharti Airtel are also trading down.
Shares of HDFC are marginally down. Yesterday a well know research house accused the company of inflated profits and has downgraded the company with target price lower than its CMP. The company however has said that all the claims are not true. The profits, according to HDFC were higher due to the accounting policies.
Overall the market breadth is positive with more gainers than losers.
Going ahead the market will remain range bound. The opening in European markets will further decide the course of the markets ahead today.
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