Markets Recoup losses Trading Higher By 0.45%

After opening in the red the Indian markets have bounced back and are trading higher, with Sensex and Nifty up  by almost 0.45% each. This is on the back of the recovery seen in the Asian markets  also US index futures indicated recovery in US stocks.

Among the sectoral indices, IT,  Teck and Pharma are trading higher with the leading gains of 1.03%, 0.90% and 0.80% respectively. Other indices like Bankex, Oil&Gas, Power and Auto are also trading in the positive territory.  While indices,  like FMCG, Consumer Durables, Realty, Capital Goods are trading lower by 0.92%, 0.55%, 0.44% and 0.28% respectively.

The other Asian markets have recovered from their morning lows and are trading marginally higher, with Hang Seng, Nikkei and shanghai are  up by 0.43%, 0.09 and 0.12% respectively. The Asian Markets opened lower today after a slew of lower than expected Japanese economic data dented the investor's sentiments. 

European indices have opened their initial trades in the negative territory, with the FTSE, CAC and DAX trading lower in the range of 0.2%-0.26% respectively. Bloomberg reported that the investors are  worried about corporate profits after a string of disappointing results.

Back home, ICICI bank is leading index gainer, trading 1.82% up at Rs 1075 per share ahead of quarterly earnings on Friday. Pharma stocks like Dr Reddy's  Lab, Cipla,  are also trading higher by 1.33% and 1.25% respectively.  Among the losers ITC, Jindal Steel and and Sterlite Industries are leading with the losses of 1.98%, 1.44% and 1.49% respectively.

Among the individual stocks Bank of Baroda fell by 2% after company reported lower then expected result for the sept quarter 2012. The bank's ratio of net non-performing assets to net advances stood at 0.82% as on 30 September 2012, higher than 0.65% as on 30 June 2012 and 0.47% as on 30 September 2011.

Kingfisher Airline is down by 4.82% to Rs 10.84 after Directorate General of Civial Aviation suspended Kingfisher's flying licence.

JK lakshmi cement rose by 4% after company reported strong results for the September quarter 2012. The net sales of the company grew by 38.4% on YoY basis to Rs 490.16 crore while the net profit jumped by whooping 684% YoY Basis to Rs 50.88 crore.

Bajaj Finserv rose 0.60% at Rs 870.30 after its consolidated net profit grew by 37% on YoY basis to Rs 217 crore and net income from operation grew by 41% on YoY to Rs 1008 crore.

The market breadth, which indicates the overall health of the market, is positive as of now. On the BSE, 1335 shares have advanced 1283 declined, and 117 shares are unchanged.