Markets Perk Up, Open Positive

The Indian markets opened the day on a positive note today, and are currently holding their morning gains. The Sensex and Nifty are trading higher by 0.18% and 0.39% respectively. The markets are taking positive cues from the Jackson Hole meeting and are reacting on a similar note as the other global markets.

Among the other sectoral indices, Auto, Power and Consumer Durables are in leading gains. Oil & Gas, FMCG, and Healthcare are the only indices trading negative.

Other Asian markets like Hang Seng, Nikkei and Shanghai are also trading higher in the range of 0.5%-0.9%. Media reports said that the Asian stocks rebounded from a weak start as a sharp deterioration in Chinese manufacturing conditions fuelled hopes that Beijing will act to support the economy.

Back home, Auto major Bajaj Auto is the leading index gainer, up by 1.96% at Rs 1647. Other Auto stocks like Maruti Suzuki, Tata Motors and Mahindra & Mahindra are also trading higher in the range of 0.24%-1.1%. Cipla, NTPC and HDFC are witnessing over 1% gains. Other stocks like L&T, TCS, Hindalco, etc. are marginally in the green zone.

On the other hand, Jindal Steel is the leading index loser, down 2.03% at Rs 345.15. Other Sensex heavyweights like RIL, Wipro and HUL are also trading in negatives. Stocks like Coal India, ONGC, Sun Pharma, Tata Power, etc. are marginally lower.

The market breadth, which indicates the overall health of the market, is strong at the moment. On the BSE, 1385 shares have advanced, 812 shares have declined and 108 shares are unchanged.

We expect the markets to remain to remain volatile for the day.