Business Standard

Markets recover after flat opening

BSE Realty, Consumer Durable, Banks and IT indices are up 1-2%

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Benchmark Indices are trading higher after making a flat beginning reacting to mixed global cues. All eyes are on the winter session of Parliament that will begin tomorrow.

Meanwhile, Ajmal Kasab, prime accused in the 26/11 terror attacks in Mumbai in which at least 166 people were killed, was hanged in Yerwada Jail in Pune at 7:30 am this morning. He was the sole surviving member of the group of ten that had attacked the city on November 26, 2008.

On the global front, the Asian shares steadied on Wednesday, after two days of gains, as investors refocused on the risk of a US fiscal crisis following Federal Reserve Chairman Ben Bernanke's remarks that the budget impasse was already damaging growth. Hang Seng advanced 0.3% to at 21,900, Nikkei jumped 1% to 9,235 levels, Taiwan Weighted was flat, up 3 points at 1,893 and the Shanghai Composite was down 6 points at 2,003.

Back home, by 10:30 the was up 76 points at 18,404 and the gained 22 points to 5,593.

The rupee declined by a hefty 24 paise to 55.34 in early trade today at the Interbank Foreign Exchange market on strengthening of the American currency overseas and increased dollar demand.

On the sectoral front, BSE Realty, Consumer Durable, Banks and IT indices are up 1-2%. However, BSE Auto, Oil & Gas and PSU indices are trading marginally lower.

The main gainers on the Sensex at this hour include Cipla, Tata Power, Hindalco, ICICI Bank, TCS, JSPL, M&M, Tata Steel and Sterlite, all gaining between 1-2%.

On the losing side, Maruti Suzuki, Bharti Airtel, HDFC, Hero Moto, Coal India and NTPC have declined by nearly 1% each.

Among individual shares, Mphasis has dipped 3% to Rs 388 on reports that Hewlett-Packard Co (HP) said it took an $8.8 billion charge related to its acquisition of software firm Autonomy, citing "serious accounting improprieties," as it swung to a fourth-quarter loss.

SpiceJet is trading higher by over 3% at Rs 35.95 on reports of stake sale of the company after the resignation of Kalanithi Maran and his wife Kavery Kalanithi from the board of directors of Kal Airways.

Meanwhile, BSE Midcap index has gained by 0.4% whereas BSE Smallcap index is up 0.3%.

The market breadth in BSE remains healthy with 1,123 shares advancing and 788 shares declining.
 

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