Markets Volatile But Rangebound
Sagar Lele / 26 Jul 2012
The Sensex has been seeing a continual trend in the trading today with volatile movements in a range bound manner, between 16794 and 16844. There have been no significant inputs to cause any directionally significant movement in the Indian markets and we expect that trend to be seen throughout the day. The rupee has finally moved below the 56 mark and is currently trading at 55.95/dollar. This helps improve on the psychological block of going beyond 56. The Sensex and Nifty are pretty much stagnant, lower by 0.48 per cent and 0.43 per cent respectively.
| Benchmark Indices | ||
|---|---|---|
| Index | Rate | % Change |
| FTSE | 5496.3 | -0.05 |
| DAX | 6376 | -0.5 |
| CAC | 3078 | -0.13 |
| Hang Seng | 18849 | -0.15 |
| Nikkei | 8443 | 0.92 |
| Shanghai | 2126 | -0.47 |
| SENSEX | 16836.6 | -0.48 |
| NIFTY | 5106.35 | -0.43 |
On the indices front, the mid-cap index and small cap index are trading at the same levels seen mid-morning, lower by 1.15 per cent and 1.06 per cent respectively. 10 of the 13 sectoral indices are trading in the negative with the highest decline on Realty, of 1.22 per cent.
As opposed to the Hang Seng, Nikkei and Shanghai Composite opening positive today, only Nikkei has been able to push forward and see higher gains, up to levels of 0.92 per cent. Hang Seng and Shanghai Composite have moved into the red, lower by 0.15 per cent and 0.47 per cent respectively.
European markets have opened lower due to lower earnings results. Unilever has seen a drop in profit, Shell is trading down by 2.6 per cent because of an earnings fall and Siemens is trading down by 3 per cent because of the same. These earnings coupled with lower German business confidence, lower UK GDP, higher Spanish bond yields and incessant concerns over Greece, have all led to the FTSE, DAX and CAC trading lower by 0.05 per cent, 0.5 per cent and 0.13 per cent respectively.
On the results front, BHEL met analyst expectations and reported a higher revenue and higher profit. The stock price of BHEL has raised by 1.06 per cent post this announcement. ITC posted results which showed a growth of 15 per cent in net sales and 20.2 per cent in net profit. This too has been higher than expectations and there is expected volatility in the stock, though it’s trading flat at the moment.
Overall, we don’t expect any changes in the way markets are moving and they’re expected to stick to the range in their movement.
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