Markets looking nervous
By Vidrum Mehta |
2/9/2012 10:40 AM ThursdayAs expected in our morning update, the Indian markets opened in the negative territory today. At present, both the indices are trading in the red zone, with the Sensex down 63 points to 17643 and Nifty down 17 points at 5351. Among the sectors, Consumer Durables, Power and Realty are trading in the green zone, while IT, Teck and Metals are trading in the red and dragging the market southwards.
| Benchmark Indices |
|---|
| Index | Rate | % Change |
|---|
| Hang Seng | 20910.52 | -0.94 |
| Nikkei | 8983.29 | -0.36 |
| Shanghai | 2347.9 | 0.02 |
| Sensex | 17643.8 | -0.36 |
| Nifty | 5351.15 | -0.32 |
Other Asian markets are also trading weak, with Hang Seng and Nikkei trading in the negative territory, while Shanghai is trading marginally in the green zone.
Back home, Metals heavyweight Hindalco is down 5.47% to Rs 152.05 ahead of its Q3 results. The IT pack including Wipro, TCS and Infosys are trading down in the range of 1.03%-1.46%. Bharti Airtel continued its losses from yesterday and is down 1.24% to Rs 349.60. Other stocks like DLF, Tata Power, Mahindra & Mahindra, Hero MotoCorp, Sterlite Industries, etc. are trading down, marginally in the red zone. Bajaj Auto is the leading index gainer, up 1.61% to Rs 1673. BHEL has recovered some of its losses after correcting in the past, and is trading higher 1.24% at Rs 264.55. ICICI Bank, Coal India, HUL etc. are trading marginally in the green zone.
Gammon Infrastructure is up 11.83% to Rs 17.01 after the company received a letter of award from NHAI for the Vijayawada-Gundugolanu project. Power Grid Corporation is trading higher by 0.88% at Rs 108.60 after the company posted a good set of Q3 FY12 numbers. Its net profits increased by 36.9% to Rs 809.23.
Other stocks which are going to announce their Q3 FY12 numbers today are ACC, Ambuja Cement, HPCL, Hindalco, Flexituff, Fortis, Tata Steel, etc. These stocks could be volatile on the back of their numbers and management guidance.
The market breadth, which indicates the overall health of the market, is strong. On the BSE, 1270 shares rose and 795 shares declined. 101 shares remained unchanged.
We expect the market to remain volatile for the day.
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