Trades Kick Off Marginally Positive

The Indian markets are trading marginally higher, with the Sensex and Nifty currently up by 0.14% and 0.12% respectively. Among the sectoral indices, Realty, Power and Consumer Durables are trading higher. Only two indices, viz. IT and Teck are trading lower by 0.28% and 0.17% respectively.

Other Asian markets are trading in a mixed bag, with Hang Seng and Nikkei down by 0.44% and 0.77% respectively, while the Shanghai Composite is trading 0.15%. According to a Bloomberg report, China’s inflation unexpectedly decelerated to a 33-month low on food costs, signalling that the government is succeeding in supporting growth without driving a rebound in prices.

Back home, Tata Power has seen some buying interest by market participants after declining substantially in the past couple of trading session. The stock is up 1.57% to Rs 103.25 per share. Auto stocks are also trading higher, with scrips like Bajaj Auto, M&M and Maruti Suzuki up in the range of 0.98%-0.64% respectively.

On the flip side, IT stocks Infosys and TCS are down by 0.79% and 0.02% respectively. Other index heavyweight stocks like ONGC, L&T, Bharti Airtel, HDFC, etc. are currently in the negatives.

Further today, the results announcements of some major companies like SBI, Jindal Steel, Tata Steel, BPCL, HPCL, Coal India, etc. are due to come in, and there could be some volatility in their share price post the announcement.

The market breadth, which indicates the overall health of the market, is strong as of now. On the BSE, 1164 shares have advanced against 625 shares that have declined, and 84 remain unchanged.

We expect the markets to see volatile trades for the day.