Markets Bounce Back, Bharti Airtel Gains 3%
Suparna / 27 Feb 2013
The Indian markets have started the day’s trades on a higher note on the back of strong global cues. The US stocks rebounded from their worst decline since November 2012. Bharti Airtel is the top gainer on the NSE, up by 3.08%.
The Indian markets have started the day’s trades on a higher note on the back of strong global cues. On Tuesday, February 26, the US stocks rebounded from their worst decline since November 2012 after the Federal Reserve Chairman Ben Bernanke defended the Fed’s bond-buying stimulus and sales of new homes hit a 4.5 year high.
In the morning trading session, the Nifty is trading up by 21 points at 5783 and Sensex has gained 86 points to move to 19,101. Both indices are higher in the range of 0.28%-0.31%. The advance-decline ratio is on the positive side in the morning trading session. On the NSE, 759 shares are in positives and 473 shares are trading in the red.
Top 5 NSE Gainers: Bharti Airtel is the top gainer on the NSE, trading up by 3.08%. HDFC, L&T, Jaiprakash Associates and DLF are the others in the gainers list.
Top 5 NSE Losers: Ranbaxy Labs is trading down by 3.31% as of now, followed by HCL Technologies, Tata Motors, GAIL and Dr Reddy’s Labs.
9 out of the 13 sectors are trading firm in the morning trade. Realty and Capital Goods are witnessing gains of more than 1% each. After a great run up, IT is seeing some profit booking and trading down by about 0.76%, followed by Auto.
The Asian markets are trading higher. Hong Kong’s Hang Seng is higher by 0.46%, followed by Shanghai Composite, Straits Times and KOSPI. Nikkei 225 is the lone index in the negative zone.
Buzzers: Core Projects & Technologies has tumbled down by over 40%. The stock has come down in three trading sessions to the Rs 65-odd levels from the levels of Rs 299 on the back of heavy volumes. Educomp is down about 11%, trading at the Rs 82 levels. The stock has witnessed heavy sell-off in the past three trading sessions.
Bharti Airtel continues to shine for the second day in row. The stock is trading up by 3.32% at Rs 322. Morgan Stanley has raised its rating on the stock from “equal weight” to “overweight” citing positive factors for the sector such as rising tariffs and data volumes, falling capital spending and eased competitive intensity.
The Nifty has a crucial support at 5740-5730 and will face resistance around the levels of 5785 and 5820.
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