Markets Trading Flat; Pharma, Retail Up
DSIJ Intelligence / 04 Dec 2012
Mixed global cues and uncertainty over the Parliamentary voting on retail FDI have resulted in indecisiveness over a strong directional trend for the markets.
The Indian markets started on a weak note today. Since the opening, trading has been lacklustre and the market direction has been flat to positive. Mixed global cues and uncertainty over the Parliamentary voting on retail FDI have resulted in indecisiveness over a strong directional trend for the markets. Currently, the Sensex is trading higher by 24.41 points or 0.13% at 19329.73 and Nifty is trading higher by 7 points or 0.12% at 5877.95.
| Benchmark Indices | ||
|---|---|---|
| Index | Rate | % Change |
| Hang Seng | 21847 | 0.36 |
| Nikkei | 9432 | -0.28 |
| Shanghai | 1975 | 0.78 |
| SENSEX | 19329.73 | 0.13 |
| NIFTY | 5877.95 | 0.12 |
While the broader indices are higher by around 0.12%, the he BSE midcap and smallcap indices are trading relatively higher, up by 0.32% and 0.63% respectively. The market breadth is positive, with 1520 (54.52%) advances and 1138 (40.82%) declines.
6 of the 13 sectoral indices are trading positive at the moment. The highest gains are seen in the Oil & Gas (1.21%), Realty (0.60%) and Power (0.43%) indices respectively. The highest gaining stocks are Reliance Industries, Bajaj Auto and Jindal Steel, up by 1.82%, 1.53% and 1.48% respectively.
Ahead of the crucial discussion in the Lok Sabha today on allowing FDI in retail, the retail stocks have been highly volatile. These have been trading flat with a positive bias. The stock prices of Pantaloon Retail, Shoppers Stop and Trent reached intraday highs of 2.28%, 1.69% and 1.02% respectively today.
Yesterday, the government said that all foreign investments in existing pharmaceutical companies would be cleared by the Foreign Investment Promotion Board (FIPB) in order to make medicines available and affordable. This has resulted in an upswing in pharma stocks including Aurobindo Pharma (2.41%), Glaxosmithkline Pharma (0.76%), Lupin (1.06%), Ranbaxy Lab (1.78%) and Wockhardt (3.71%).
Jet Airways touched a high of 6.13% today after the news of a possible deal between Jet and UAE's Etihad Airways. Media reports say that Jet Airways has agreed to sell a 24% stake to Etihad for Rs 1600 crore and the deal would be executed by the end of the year. However, the scrip has currently dropped 3.87%.
We expect trading to remain flattish and lacklustre for the rest of the day on account of the lack of strong directionally driving trends.
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