Markets Trading Up On Cues From Asia
DSIJ Intelligence / 05 Dec 2012
The Indian markets opened the day's trades higher and are holding most of their gains, taking cues from the other Asian markets. Both the frontline indices are trading higher by 0.44% and 0.37% respectively.
The Indian markets opened the day's trades higher and are holding most of their gains, taking cues from the other Asian markets. Both the frontline indices are trading higher by 0.44% and 0.37% respectively.
Among the sectoral indices, Metals, Realty and Capital Goods are up by more than 1% each. Others that are trading higher are Consumer Durables, Bankex, Auto and FMCG. Teck and IT are the only two indices trading lower by 0.69% and 0.79% respectively. This fall was seen after the rupee strengthened by 17 basis points to 54.51 per USD.
| Benchmark Indices | ||
|---|---|---|
| Index | Rate | % change |
| Hang Seng | 22094 | 1.33 |
| Nikkei | 9478 | 0.47 |
| Shanghai | 2035 | 2.92 |
| SENSEX | 19432 | 0.44 |
| NIFTY | 5910 | 0.37 |
The Asian markets are trading with strong gains, with the Hang Seng and Nikkei up 1.33% and 0.47% respectively. The Chinese index Shanghai Composite reversed its southward direction to zoom up 2.92% to the 2035 levels. According to Bloomberg reports, China’s stocks rallied, driving the biggest gains for the benchmark index in 3 months, and trading volumes more than doubled after the ruling party held its first meeting headed by the new leader Xi Jinping. Other reports stated that the Asian stocks advanced, with the regional benchmark index heading for its highest close in 7 months, after the Communist Party’s new leaders said it would actively promote urbanisation.
Back home, Metals stocks are shining after the Chinese markets went up, as China is major consumption of most of the metals. Sterlite Industries, Hindalco and Tata Steel are among the leading gainers, up by over 2.22%. Defensive bets ITC and HUL are witnessing some buying and the stocks are up 0.90% and 0.65% respectively. Banking stocks are also trading higher, with HDFC Bank, SBI and ICICI Bank trading higher in the range of 1.26%-0.34% respectively. Bajaj Auto, Dr Reddy's Labs, RIL and M&M are among those in marginal gains.
On the other hand, Tata Power is the worst performer, down 2.64% to Rs 108.80 per share. As mentioned previously, leaders in the IT pack like Infosys, TCS and Wipro are trading lower. Bharti Airtel is also down 1.2% at Rs 328 per share.
The market breadth, which indicates the overall health of the market, is strong at the moment. On the BSE, 1474 shares advanced, 743 have declined and 78 are unchanged.
We advise readers to exercise caution in this volatile environment.
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