Trades Volatile, M&M Up On November Sales

Shrikant / 03 Dec 2012

As we expected, the markets opened on a slightly positive note but have lost their sheen in the course of the morning. Both the indices are trading down with losses of 0.1% each.

As we expected the markets opened on a slightly positive note but have lost the sheen in the course of the morning. The headline indices are trading down, with losses of 0.1% each. Meanwhile, Morgan Stanley has raised India's GDP outlook for FY13 from 5.1% to 5.4%. The country's GDP figure for the second quarter of the fiscal came in at 5.3%, slightly higher than the expectations. This was mostly in line with recent remarks of Moody's and Goldman Sachs.

The Asian markets have also come off the positive opening seen in the morning. The Hang Seng is flat in trades while Shanghai has lost about 0.3%. Nikkei has held its ground with 0.5% gains on hopes of a monetary policy easing.

Benchmark Indices

Current Value

Change (%)

BSE Sensex

19312.15

-0.14

Nifty

5869.55

-0.18

Hang Seng

22,044.90

0.07

Nikkei

9,493.56

0.5

Shanghai

1,974.62

-0.28
Among the sectoral indices, BSE Auto has gained 0.37% after the auto sales numbers reported by major companies. Metals and Realty are also up 0.35% each. The Power and Capital Good indices are also showing moderate gains. FMCG, on the other, is the top loser in the sectoral indices. Consumer Durables and Bankex are also down over 0.3% each.


Of the Sensex stocks, Bajaj Auto is down as it reported a decline in its Nov 2012 sales. M&M and Maruti Suzuki, on the other hand, have gained over 1% on their sales numbers. The shares of Tata Steel are up 1.48%. In the BFSI space, SBI is up about 1% and ICICI Bank is also up 0.2%. Pharma major Dr. Reddy's Labs has come down to Rs 1830 after witnessing an intraday high of Rs 1840. Jindal Steel, GAIL India and Coal India are quoting 0.3% gains each at this time of the day.

HDFC Bank, ITC, Bharti Airtel and Hero MotoCorp have all lost over 1%. The stocks of NPTC, ONGC, Tata Power and HDFC are in the losers list. Cipla and Sun Pharma are also down at the moment.

Among others, Jet Airways is up 5%. Adani Enterprises has also gained about 4% after it said that it is planning to raise USD 1.5 billion to fund its Australian coal, rail and port projects.

The advance-decline ratio is currently positive, with the total advances outnumbering the declines.

Ahead today, we expect the market to continue to remain volatile.

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