Indices Gain 0.6%, Bharti Airtel Tumbles 1%

The Indian markets have gained about 0.6% over the global optimism created by the positive US data as well as China GDP data which has met street expectations.

In Europe, though, the FTSE and DAX have opened almost flat in trades and CAC is down by 0.15%.

The Asian markets are mostly witnessing gains, with Nikkei closing 2% higher than yesterday’s closing. Shanghai has also gained 1.2% as the Chinese economy has shown some improvement in Sept 2012 over Aug 2012. The Hang Seng is also up 0.5% at this time on better monthly numbers.

Earlier, China reported its Q3 GDP numbers, which showed that its economy cooled in the July-Sept quarter. The numbers for the month of Sept, however, are reflecting the rebound by the end of the year. The numbers from industrial production and retail were ahead of the forecast and have shown a QoQ improvement. The markets are expecting that the worst may be over and that the Dec quarter may revert to growth over 8%.

Meanwhile, investment bank Nomura has said that India’s current account deficit may soar to a record high in the Sept 2012 quarter on high non-oil imports.

Back to the Indian markets, most of the indices are trading in gains. Realty is up by about 2% as of now. CG, Power, Auto and Bankex have also gained over 1% each. The Healthcare index is the only one trading in the red at this moment.

Among the Sensex stocks, Tata Power is the top gainer, with 2.8% gains. The shares of SBI and Tata Motors are also up by 2% each. Sun Pharma is the top loser, down 1.5%. Dr Reddy’s Labs is also marginally down. The shares of Bharti Airtel have dipped 1% this afternoon after the Telecom Commission recommended that mobile phone carriers should give up all their airwave holdings in the more-efficient 900 MHz band during the renewal period for their permits.

TCS has gained 0.6% ahead of its results tomorrow. The trades of its peer company Wipro, however, have turned into the red and Infosys is trading flat. 

Among others, HCL Technologies has surged over 1% after its quarterly results beat the street's estimates. Analysts have now raised the full year margins of the company, with a ‘buy’ call on the counter.

The shares of GPT Infra have declined by 5% despite the company bagging orders worth Rs 117 crore. MphasiS and Piramal Enterprises have dropped about 1% each on news that the NSE will drop both the stocks from the F&O segment.

Overall, the market breadth, which indicates the health of the market, is positive with total 56% advances.

We expect the markets to remain positive ahead today.