Markets Flat, MCX Gains On Mock Testing News

The Indian markets have come down from the positive start to the day. The BSE Sensex as well as Nifty are trading flat at the moment.

The peer Asian indices are witnessing mixed trades. The Hang Seng and Shanghai are showing gains, while Nikkei is in the red. The Japanese index lost a few points after the Central Bank of Japan decided to stand by its monetary policy.

Earlier yesterday, Moody’s downgraded France by one notch from its AAA credit rating to Aa1. The ratings agency said that the country's long-term economic growth outlook is negatively affected by multiple structural challenges, including its gradual, sustained loss of competitiveness and the long-standing rigidities of its labour, goods and service markets. Following this news, the European markets have opened in the red.

On the sectoral front, the Auto index has maintained its winning streak on hopes of good festive season sales in Nov. The FMCG and Power indices are marginally up, while the rest are showing mostly declines. Realty has turned volatile and is the top loser after losing nearly 1% in value.

Of the Sensex stocks, HDFC is the top gainer, up by 2.44%. Auto (four-wheeler) stocks such as M&M, Maruti and Tata Motors have gone up, while two-wheeler makers Hero and Bajaj are in the losers list on profit booking. IT giant Wipro is up 1.3%, while its peer TCS has also gained 0.9%. Infosys, on the other hand, is trading in the red. Tata Power and NTPC have moved higher after Coal India said that it is preparing a new coal price pooling model. The shares of Coal India are also trading in the positives.

Among other shares, MCX and Financial Technologies have gained on news that the MCX has conducted mock testing of its trading platform. Jet Air India gained 4% after it resumed flights to the US, which were interrupted by hurricane Sandy. On the other hand, L&T Finance Holdings tanked by another 4% today. Yesterday, the stock had plunged by about 10% after reports that the recent surge in its share price is not sustainable.

The shares of Reliance Capital have gained 0.5% after the company said that it will sell 26% stake in its general insurance arm.

The advance-decline ratio on the BSE as well as the NSE is currently in favour of declines, indicating a negative sentiment.

Ahead today, we expect the market to remain volatile.