Markets Flat, Sensex Around 18600

The Indian markets opened their trades in the positive territory, but have soon started giving up their gains. At present, both the broader indices are trading marginally higher by 0.1%. The Sensex is hovering around the 18600 mark while Nifty is holding the 5650 levels. Among the sectoral indices, Healthcare, Consumer Durables and Auto are trading higher, while Oil & Gas, Metals and Realty were the only indices in the negative territory.

The Asian markets are also trading in gains, with Hang Seng and Shanghai up 0.89% and 0.11% respectively. Nikkei is showing good strength, trading up 1.21%. Reports say that Japan will hold a special cabinet meeting later today, amid reports that the government may tap the budget reserves to stimulate a slowing economy.

Back home, Tata Power is the leading index gainer, trading higher by 1.87% at Rs 103.45 per share. Auto stocks are trading in the green, with Maruti Suzuki, Tata Motors and Bajaj Auto up in the range of 0.6%-1.4%. Index heavyweights like ICICI Bank, HDFC, L&T, ITC, etc. are also witnessing positive trades. Stocks like Sun Pharma, Coal India, Jindal Steel and Tata Steel are trading with minimal gains.

GAIL India is the leading index loser, lower by 1.28% at Rs 373.90 apiece. Other stocks like RIL, HUL, M&M, HDFC Bank, Cipla, etc. are trading lower in the negative territory.

The market breadth, which indicates the overall health of the market, is strong. On the BSE, 1278 shares have advanced, while 1024 shares have declined and 117 shares are unchanged.

We expect the markets to consolidate further.