Trades Turn Swiftly Into The Red
Suparna / 19 Nov 2012
The Indian markets opened their initial trades higher in the green zone, but turned into the negative territory within a few minutes.
The Indian markets opened their initial trades higher in the green zone, but turned swiftly on their heels into the negative territory within a few minutes. At present, both the frontline indices are trading marginally lower. The Sensex and Nifty down 0.03% and 0.13% respectively. Among the sectoral indices, Oil & Gas, Realty and Bankex are trading lower, while Teck, IT and Auto are trading marginally in positives.
| Benchmark Indices | ||
|---|---|---|
| Index | Rate | % Change |
| Hang Seng | 21296 | 0.65 |
| Nikkei | 9167 | 1.59 |
| Shanghai | 2006 | -0.41 |
| SENSEX | 18304 | -0.03 |
| NIFTY | 5567 | -0.13 |
In the Asian markets, trades continue to be mixed. The Hang Seng and Nikkei are trading up by 0.65% and 1.59% respectively. According to Bloomberg reports, Bank of Japan is holding a two-day meeting amid speculations that the opposition party, which advocates more aggressive easing, will take power in December’s election. The Chinese index Shanghai Composite has extended its morning losses and is now down 0.40%. This is on concerns that the government will refrain from relaxing curbs on the property market after new home prices rose in more cities in October, a media report said.
Back home, defensive bet HUL is trading lower and is among the worst performers at this hour of trade, trading lower by 1.37% at Rs 514.20 per share. Index heavyweight RIL is also down by 1.25% at Rs 766 per share, dragging the broader indices. Metals stocks Hindalco and Sterlite Industries have lost 1.1% and 0.67% respectively. Others like SBI, ICICI Bank, Jindal Steel, TCS, etc. are also trading in the negative territory.
On the flip side, Maruti Suzuki is the leading index gainer, up 2.51% at Rs 1475 per share. Other Auto stocks like Bajaj Auto, M&M and Hero MotoCorp are also trading higher. Bharti Airtel and Infosys have gained more than 1% each. Counters like HDFC Bank, Sun Pharma, Coal India, Wipro, etc. are marginally in the green zone.
The market breadth, which indicates the overall health of the market, is on the negative side. On the BSE, 994 shares have declined, 831 shares have advanced and 99 shares are unchanged.
We expect the markets to remain volatile for the latter part of the day.
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