Markets Recoup Yesterday's Losses
DSIJ Intelligence / 17 Jul 2012
As expected in our morning market commentary, the Indian markets opened positive today on the back of strong Asian cues. As of now, the broader markets have recouped all their losses from yesterday.
As expected in our morning market commentary, the Indian markets opened positive today on the back of strong Asian cues. At present, both the indices are trading higher, with the Sensex up by 111 points to 17214 and Nifty up by 32 points to 5229. The broader markets have recouped all their losses from yesterday. All the sectoral indices are trading in gains except for IT, which is trading marginally in the negative territory. Metals, Realty and Healthcare are trading higher in the green zone.
The other Asian markets are also trading higher as of now. The Hang Seng is strongly up by 1.75%, while Nikkei and Shanghai are higher by 0.69% and 0.54% respectively. The Nikkei market is reacting positively after the exchange remained closed yesterday. Shanghai looked nervous trading in the morning trades, but recovered smartly and is trading higher at this point of time.
| Benchmark Indices | ||
|---|---|---|
| Index | Rate | % Change |
| Hang Seng | 19455 | 1.75 |
| Nikkei | 8784 | 0.69 |
| Shanghai | 2159.73 | 0.54 |
| SENSEX | 17214.83 | 0.65 |
| NIFTY | 5229.35 | 0.62 |
Back home, Sun Pharma is the leading index gainer, up 2.5% at Rs 636.50. Other stocks like Dr Reddy’s Labs, Bharti Airtel, Tata Power and Hindalco are also up in the range of 1.3%-2.3%. GAIL India, Wipro, HDFC Bank, Infosys, etc. are trading marginally in the green zone.
On the other hand, TCS is the leading index loser, trading lower by 1.42% at Rs 1193. The stocks is trading at very high valuations as compared to its other peers.Bajaj Auto and BHEL are among the others that are trading in the negative territory.
Cadila Healthcare is trading 4.16% higher at Rs 832. This is after reports that the company has received a letter from USFDA conveying that its facilities at Moraiya are acceptable. Tata Coffee is trading 1.66% up at Rs 962 following robust quarterly financial numbers. According to media reports, the consolidated net profit more than doubled to touch Rs 31.84 crore for the quarter ended Jun 2012 on the back of robust sales and a strengthening dollar. The company had reported a net profit of Rs 13.59 crore in the previous corresponding period. Its revenues grew by 24% on a YoY basis to touch Rs 414 crore.
The market breadth, which indicates the overall health of the market, is strong. On the BSE, 861 shares have advanced 469 shares have declined and 248 shares are unchanged.
We expect the markets to remain volatile for the day.
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