Markets Open Higher, Auto Stocks Up

DSIJ Intelligence / 07 Dec 2012

The Indian markets opened their day's trades in the positive zone. Both the frontline indices are trading higher, with the Sensex and Nifty up 0.14% and 0.04% respectively.

The Indian markets opened the day's trades in the positive zone against our expectations seeing a negative opening. This was majorly after the SGX Nifty saw lower trades in the early morning and after the Union Cabinet deferred its decision on setting up the National Investment Board (NIB). Both the frontline indices are trading higher, with the Sensex and Nifty up 0.14% and 0.04% respectively.

Among the sectoral indices, Auto, Consumer Durables and Capital Goods are trading higher in the range of 0.75%-1.43%. On the other hand, IT, Metals and FMCG are among the indices trading lower between 0.17%-0.65%.

Benchmark Indices

Index

Rate

% Change

Hang Seng

22294

0.20

Nikkei

9540

-0.05

Shanghai

2054

1.20

SENSEX

19514

0.14

NIFTY

5933

0.04
In the other Asian markets, the Nikkei is trading marginally lower by 0.05%, while Shanghai Composite and Hang Seng are up 1.20% and 0.2% respectively. According to Bloomberg reports, the Asian stocks climbed as fewer Americans filed for unemployment benefits and Australia’s building industry shrank at a slower pace.

Back home, Maruti Suzuki is the leading index gainer, up 3.62% at Rs 1534.8 per share, on the news that it is going to hike its product prices approximately by Rs 20000. Auto stocks like Tata Motors and M&M are also trading higher by 2.34% and 1.70% respectively. Other stocks like Bharti Airtel, L&T, RIL, ICICI Bank and SBI are in the positives.

Sterlite Industries is the worst performer, down 0.82% to Rs 114.50 per share. IT stocks like Infosys and TCS continue to perform on a weaker note, trading down 0.75% and 0.72% respectively. Defensive bets HUL and ITC are also trading lower by 0.71% and 0.45% respectively. Other stocks like Sun Pharma, Hero MotoCorp, Bajaj Auto and GAIL India are among those trading marginally in the red zone.

The market breadth, which indicates the overall health of the market, is strong. On the BSE, 1389 stocks have advanced 931 stocks have declined and 96 stocks remained unchanged.

We expect the market to remain volatile today.

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