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| Markets trading higher amid volatility |
| SI Reporter / Mumbai Feb 14, 2012, 11:38 IST |
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Markets have recovered from the flat opening and are trading higher amid volatility. At 11:35 hrs, the Sensex was up 51 points at 17,824 and the 50-share Nifty gained 17 points at 5,407.
On the global front, Asian markets are trading on a mixed note. Nikkei and Hang Seng are trading marginally positive whereas rest of the Asian markets is trading slightly in red zone. Rating agency Moody's warned on Monday it may cut ratings of France, the United Kingdom and Austria, while it downgraded the ratings of Italy, Portugal, Spain, Slovakia, Slovenia and Malta.
Back home, index heavyweight Reliance Inds has gained nearly 0.5%, off day's low. The company has extended yesterday’s upmove by reports that the company has signed a pact with France's Dassault Aviation for partnering in the defence and homeland security sector in India.
From the banking space, SBI is the top Sensex gainer, up 4%. The stock is trading at its highest level since August 18, 2011, after the chairman of India’s largest lender, Pratip Chaudhuri said that “the worst is over” while announcing the third quarter results. The stock tumbled 2% yesterday post the announcement of Q3 numbers.
Among other financial shares, ICICI Bank and HDFC have gained between 0.2-1%.
Auto shares like M&M, Tata Motors, Maruti Suzuki and Hero MotoCorp have surged between 1-2%.
DLF has gained by almost 1%. Realty stocks are rallying on expectations that the central bank will start cutting interest rates in the coming months to prop up slowing economy.
Capital Goods majors L&T and BHEL have increased between 0.5-1.46%.
On the losing side, Healthcare major Cipla is the top Sensex loser, down 6% after reporting lower-than-expected 16% year-on-year (yoy) growth in net profit at Rs 270 crore for the third quarter ended December 31, 2011, due to increase in staff cost and rise in selling expenses.
IT stocks like TCS, Infosys and Wipro are trading marginally in red zone.
The broader markets are outperforming the benchmark indices, with BSE Midcap and Smallcap indices gaining by almost 1% each
The overall market breadth remains positive as 1,476 stocks are advancing while 1,017 are declining.
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