Markets Trading In a Tight Range, IT Stocks Gain
DSIJ Intelligence / 16 Nov 2012
Indian markets continue to trade flat with individual stocks driving them higher while a negative global sentiment is exerting a downward pressure. This has resulted in a range-bound trade throughout the day until now. The Sensex is trading higher by 53.63 points at 18525, up by 0.29% and the Nifty is trading higher by 9 points at 5640, up by 0.16%.
| Benchmark Indices | ||
|---|---|---|
| Index | Rate | % Change |
| Hang Seng | 21151 | 0.2 |
| Nikkei | 9024 | 2.2 |
| Shanghai | 2008 | -1.1 |
| SENSEX | 18525 | 0.29 |
| NIFTY | 5640 | 0.16 |
The trend continues to remain the same in other Asian markets as well the Shanghai Composite trading in the red and the Nikkei continuing its positive streak. European markets are likely to open negative today on the back of a poor set of numbers on the GDP front. Adding to the downward pressure are comments by the President of the Philadelphia Federal Reserve Bank, Charles Plosser who said, “I believe the extraordinary policies the Fed has pursued pose substantive longer-term risks”.
On the domestic front, the overall market breadth has been mildly positive with 1345 advances (50.68%) and 1208 declines (45.52%). Of the 13 sectoral indices, 3 are currently trading lower. Consumer Durables, Banks and Auto are trading lower by 0.22%, 0.29% and 0.32% respectively. This is being offset by significant gains in technology stocks. The BSE IT and Teck indices are trading higher by 1.55% and 1.54% respectively. The rupee has tumbled by 26 paise to Rs 54.96/dollar. This weakness seems to have given IT stocks a boost.
Bharti Airtel and Idea Cellular have gained furthermore due to an upgrade by Bank of America Merrill Lynch. Stock prices of Bharti Aritel and Idea Cellular have appreciated so far by 3.23% and 2.05% respectively.
Biocon today hit an intraday high of 4.79% to touch a price of Rs 322. This was a result of the company signing an option agreement with Bristol-Myers Squibb for Biocon’s IN-105. This drug is a prandial oral insulin product candidate and would be a success for the company if things work out as planned by it.
We expect the markets to continue trading flat to positive on account of no significant changes in domestic or global cues.
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