Markets Trim Some Losses

DSIJ Intelligence / 20 Dec 2012

Indian markets have trimmed off their early losses, though they are still trading in negatives. The Sensex and Nifty are down 0.41% and 0.53% respectively.

Indian markets have trimmed off their early losses, though they are still trading in negatives. The Sensex and Nifty are down 0.41% and 0.53% respectively.

Turning to an important political development, tallying of votes for the Gujarat elections is currently underway. Intial consensus suggests that the BJP is ahead in the race for 121 seats, which is four more than their 2007 tally. The Congress is leading in 58 seats. It seems that Narendra Modi will win, in what will be a hat-trick of victories for him in the state.

Among the sectoral indices, Capital Goods, Metals and Power are among the worst performing indices, trading lower in the red. Others like Auto, Bankex and Oil & Gas are also in losses. Healthcare, FMCG and Teck, though, are higher in the green zone.

Benchmark Indices
IndexRate% Change
Hang Seng 22622 0
Nikkei 10039 -1.21
Shanghai 2168 0.28
SENSEX 19397 -0.41
NIFTY 5898 -0.53
In the Asian markets, the Nikkei is lower by 1.21%, while Shanghai Composite is up 0.28%. Hang Seng is almost unchanged at this hour of trade. Bloomberg reports say that Bank of Japan has expanded its asset-purchase program for the third time in 4 months, and will reconsider its objectives for inflation as incoming Prime Minister Shinzo Abe urges more action to end price declines.

Back home, it is the Auto stocks' turn to see some profit booking now. M&M and Bajaj Auto are the most heavily beaten, down 1.73% and 1.59% respectively. Metals scrips are also on the losing side, with Sterlite Industries lower by 1.34% and Tata Steel down 1.02%. Other index heavyweights like RIL, ITC, SBI, HDFC Bank and Infosys are also lower in the range of 0.40%-0.72%. HDFC, Bharti Airtel, ICICI Bank and ONGC are among the stocks trading marginally negative.

Only 5 index stocks are trading higher in the green. Cipla continues to be the leading gainer, up 1.48% at Rs 426 per share. Likewise, HUL, TCS, Maruti Suzuki and Hindalco Industries are trading positive.

The market breadth is weak this afternoon. On the BSE, 1555 shares have declined, 1137 shares have advanced and 112 shares are unchanged.

We expect the markets to remain volatile for the latter part of the day.

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