No Movement Seen In Markets

The Indian markets are trading in a narrow range, with the broader indices up by 0.2% each. The indices are witnessing a constant movement between the negative and positive territory. Among the sectoral indices, Oil & Gas, Bankex and Power are trading higher in the range of 0.7%-0.9%. On the other hand, FMCG, Consumer Durables and Metals are trading weak in the negative territory.

Globally, investors are waiting for the EU summit scheduled for later this week. The Asian markets are trading in a mixed bag, with Hang Seng in the green zone and Nikkei and Shanghai trading lower in the red zone. The European markets have opened with moderate gains. FTSE, CAC and DAX are trading higher by 0.3%-0.4%.

Back home, GAIL India is the leading index gainer, 2.29% up at Rs 351.30. Other stocks that are helping the markets to remain in the green include ONGC, HDFC Bank, TCS, BHEL, Tata Power, etc., all up in the range of 0.85%-2%. NTPC, HDFC, Hindalco and Mahindra & Mahindra are trading marginally in gains.

FMCG stocks continue to slide after news reports that with delayed monsoon and a slowdown in growth may impact the players in sector. Scrips like HUL and ITC are trading 2.24% and 0.78% down respectively. Other stocks like Infosys, Tata Steel and Sterlite Industries are trading lower by over 1%.

Reliance Power is trading higher 1.76% at Rs 101.25 after the announcement that the company's wholly-owned subsidiary, Vidarbha Industries Power, has successfully synchronised the first unit of 300 MW capacity at Butibori, Nagpur. Mcnally Bharat Engineering is up 6.21% at Rs 94 after the company received an order from Gammon India for supply contract for package JMS-2 for the construction of 3 metro stations in the Joka-BBD Bag corridor of the Kolkata Metro Project at a total contract value of Rs 63.86 crore.

The market breadth, which indicates the overall health of the market, is strong at the moment. On the BSE, 1219 shares have gained, 1132 shares have declined and 146 shares are unchanged.