Trades Move Upwards, Nifty Above 5300

As expected in our morning market update, the Indian markets positive today. The gains seen in the Asian markets and the renewed hopes from European region has boosted market sentiments across the globe.

At present, both the major indices are trading up by 0.30%. Barring a few, most of the sectors are trading in gains. The major gainers, IT, Teck, Realty and Auto are trading higher by 1.12%, 1.04%, 0.81% and 0.79% respectively, while the others are up in the range of 0.12%-0.63%. Among the losers, Oil & Gas, CD and FMCG are down by nearly 0.20% each.

The other Asian markets are also witnessing marginal gains. The Hang Seng, Nikkei and Shanghai are higher by 0.29%, 0.72% and 0.10% respectively. The markets are taking cues from the global developments, especially from positive closing in the the US markets yesterday.

Back home, the IT companies are seeing some positive momentum after Cognizant announced a good set of numbers for the Jun 2012 quarter. TCS and Infosys too are trading with gains of 1.95% and 1.58% respectively. The Auto pack is also on a high, with Tata Motors, Bajaj Auto and Exide Industries up by 3%, 1.11% and 1% respectively. Among the other Sensex gainers, BHEL, ICICI Bank, RIL, SBI, Sterlite Industries and Sun Pharma are up by over 1% as of now.

In individual stocks, Financial Technologies has risen by 0.5% to Rs 797.50 after the company came up with good results for the Jun quarter.

As mentioned in the 'Stock in Action' section on our website, Engineers India (EIL) is trading up with 1% gains today. This was post the company’s announcement that it has bagged a project management consultancy contract for the 2000 km Mallavaram-Bhopal-Bhilwara-Vijaipur natural gas pipeline project.

The market breadth, which indicates the overall health of the market, is positive at the moment. On the BSE, 1178 shares have advanced, 654 shares have declined and 107 shares are unchanged.