Markets Flat, Positive; Rupee On Fresh 5-Month High
DSIJ Intelligence / 03 Oct 2012
As expected in our morning update, the Indian markets have opened flat and are trading in a very narrow range. It seems that after a long run up, the markets are looking at a consolidation phase.
As expected in our morning update, the Indian markets have opened flat and are trading in a very narrow range. It seems that after a long run up, the markets are looking at a consolidation phase. Both the broader indices Sensex and Nifty are trading higher by 0.12% and 0.10% respectively. Among the sectoral indices, Oil & Gas, Pharma, Power and PSU are trading higher, while Consumer Durables, Realty, Metals and Bankex are negative.
The rupee has gained strength for the fourth consecutive session today to hit a new five-month high. The recent announcement of major reforms by the government has raised the hopes of an improving economy. This may continue to spur inflows from foreign funds into the country.
The Shanghai market is closed on account of a public holiday. The other Asian indices Nikkei and Hang Seng are trading lower by 0.02% and 0.44% respectively. Holidays in China and hesitancy ahead of Friday’s US jobs report will keep the market activity restrained today.
Back home, Oil & Gas stocks are trading higher with Reliance Industries being the leading index gainer, up by 1.13% at Rs 844 per share. Other stocks in the group like Indian Oil Corporation, Oil India, ONCG and BPCL are also trading higher in the range of 0.65%-0.83%. Pharma stocks like Apollo Hospital and Dr Reddy’s Labs are leading the index with gains of over 2% each. Other Pharma stocks like Aurobindo Pharma, Biocon, Cadila Healthcare and Ranbaxy are up in the range of 1.09%-1.87%.
In individual stocks, Bajaj Auto has fallen by 0.73% to Rs 1799 per share after the company reported a decline in the sales by 14% to 3.6 lakh units in September 2012 over September 2011.
Cement major ACC is trading higher by 0.65% at Rs 1465.50 after the company reported a decent sales volume for Sept 2012. Its cement dispatches rose 4.04% to 1.8 million tonnes for the month over September 2011.
The market breadth, which indicates the overall health of the market, is positive. On the BSE, 1421 shares have advanced, 749 shares have declined and 99 shares are unchanged.
We expect the markets to consolidate further and probably move in the narrow range.
| Benchmark Indices | ||
|---|---|---|
| Index | Rate | % Change |
| Hang Seng | 20836 | -0.02 |
| Nikkei | 8747.78 | -0.44 |
| Shanghai | 2086.17 | 0 |
| SENSEX | 18845.96 | 0.12 |
| NIFTY | 5724.55 | 0.10 |
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