Buoyant Sentiments On D-Street

As expected in our morning update, the Indian markets opened positive today in line with the global cues. Both the indices are trading higher at present, with the Sensex up by more than 300 points at 17317 and Nifty up by almost 100 points at 5244. All the sectors are trading in positives, with Power, Capital Goods and Bankex trading higher by over 2% and IT, Metals and Teck more than 1% up.

The other Asian markets are also in gains. The major indices, Hang Seng, Nikkei and  Shanghai are trading higher in the green zone. This is after Bloomberg reports about the European leaders' meeting in Brussels, where it was agreed to ease the repayment rules to Spanish banks and make it easier to recapitalise the region’s troubled lenders.

Back home, the markets have a good positive sentiment, which has helped all the indices trade higher. The leading gainers include stocks like Maruti, ICICI Bank, Tata Power, Sun Pharma and L&T, all of which are trading higher by over 3%. In the Metals pack, stocks like Sterlite Industries, Hindalco, Jindal Steel and Tata Steel are each up in the range of 1.2%-2.5%. Other stocks like Bharti Airtel, GAIL India, HDFC and ONGC are also trading marginally in the green zone.

Alembic Pharma is trading 4.68% higher at Rs 57 after the company made an announcement that Alembic and Breckenridge were named codefendants in a Paragraph IV ANDA litigation filed by Pfizer over Desvenlafaxine tablets. 

Oracle Financial Services is trading higher in the green after the news that the company has introduced a new banking solution, Oracle FLEXCUBE 12.0.

The market breadth, which indicates the overall health of the market, is strong. On the BSE, 1552 shares have advanced and 620 shares have declined yet. 99 shares are unchanged.

We expect the markets to remain volatile for the day with a positive bias.