Indices Remain Unchanged
DSIJ Intelligence / 06 Sep 2012
As expected in our morning update, the Indian markets opened in very narrow range today, moving nowhere from yesterday’s close. At present, the Sensex is up a meagre 0.01% and Nifty is down by 0.02%.
The IT and Teck indices are trading up by over 1% each. Realty, Bankex and Metals are also in the green zone. The defensive bets, which had remained positive yesterday, are trading down 1.18% today. Other indices like Capital Goods, Power and Auto are also in the negatives.
The other Asian markets are also trading in a narrow range. Shanghai is marginally up by 0.05%, while Hang Seng and Nikkei are lower by 0.18% and 0.14%. Most Chinese stocks rose on speculation that the policy makers will introduce more stimulus measures, which overshadowed concerns on the economic slowdown deepening.
Back home, IT stocks are among the leading gainers in today’s trades. IT bellwether Infosys is the leading gainer, having gained 2.42% to touch Rs 2395 per share. Others in the IT pack are also shining, with stocks like Wipro and TCS also moving higher by 1.84% and 0.92% respectively. Other stocks like NTPC, GAIL India, ONGC and HDFC are seeing minimal gains.
Bharti Airtel, which was the leading gainer in yesterday’s trades, is the trading down by 2.85% at Rs 250.50 per share. The FMCG pack is also taking losses, with the likes of ITC and HUL lower by 1.81% and 0.76% respectively. The Auto stocks have continued their losing momentum after the news that a fuel price hike is on the cards, which would again have an impact on the companies' growth. Hero MotoCorp, M&M, Bajaj Auto and Tata Motors are also in the red.
The shares of JSW Steel are marginally up by 0.15% at Rs 655.20. The company made an announcement that its crude steel production grew by 15% to 7.63 lakh tonnes on a YoY basis for the month of Aug 2012.
The market breadth, which indicates the overall health of the market, is strong at the moment. On the BSE, 1165 shares have advanced, 887 shares have declined and 122 shares are unchanged.
We expect the markets to remain to in a narrow range with a negative bias.
| Benchmark Indices | ||
|---|---|---|
| Index | Rate | % Change |
| Hang Seng | 19211 | -1.14 |
| Nikkei | 8699 | -0.87 |
| Shanghai | 2041 | -0.12 |
| SENSEX | 17385.02 | -0.32 |
| NIFTY | 5251.05 | -0.44 |
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