Markets remain range bound; Oil and Metal shares gain

Markets remain range bound amid positive bias with Hindalco being the biggest gainer of this hour. The 30-share Sensex was up 70 points and  the 50-share Nifty was up 8 points  at 25,541 and 7,635  level, respectively.

 

The broader markets have also appreciated in tandem with their Largecap counterparts. BSE Mid-cap and BSE Small-cap gained 0.5% and 0.4%, respectively.

 

Asian Markets:

 

Asian markets trade weak amid concerns about global growth and escalating tensions in Iraq. In addition, Wall Street's uncertainty broke record streak overnight with the blue-chip Dow Jones stock index losing more than 100 points. Japan’s Nikkie slipped 0.7%, Hong Kong'Hang Seng Index lost 0.3% and Shanghai Composite Index dipped 0.8%. On the other hand, Straits Times Index gained 0.01%

 

Back home:

 

The rupee remains unchanged at 59.3 against the US dollar tracking mixed Asian currencies and weakness in the domestic share market.

 

Sectors & stocks:

 

Auto space hogs limelight amid pre monsoons with Tta motors, Maruti Suzuki, M&M and Hero Motocorp up 0.14%-1.2%, each

 

Financial sector is trading mixed with HDFC and HDFC bank up 1.4%-1.8% and ICICI bank and Axis bank down 1%-1.6 %

 

Shares of Oil and Gas surge on the hope that BJP-led government would continue economic reforms in oil & gas space which includes gas price hike, subsidy cuts on diesel. ONGC, Relaiance and GAIL are up 0.4%-2.5%, each 

 

Although the India Meteorological Department (IMD) has lowered the expected rainfall to 93% owing to the El Niño effect, the FMCG sector is showing positive signs with ITC and HUL up 0.2% and 0.3%, respectively 

 

IT stocks are trading mixed with Wipro, TCS up 0.165-0.5% whereas Infosys, biggest gainer of yesterday, lost 2%.   

 

Metal index has gained 0.83% in the morning trades with Hindalco being the biggest gainer, up 2.5%. Among other stocks, Sesa sterlite and Tata steel have gained 0.4%-1.3%

Bharti Airtel remains the biggest loser of this hour, shedding 2.6%  after brokerage Credit Suisse downgraded it to Underperform.

 

In Midcap and Smallcap Space, Strides Arcolab is trading higher by 4% to Rs 643, extending its previous day’s over 1% gain, after foreign institutional investors (FIIs) have bought nearly 1 percentage points of stake in pharmaceutical company through open market transactions.

 

Shares of tea manufacturing companies have seen smart rally in past three months on hopes of an upsurge in tea prices amid low productivity.

 

Bombay Burmah Trading Company, Rossell India, CCL Products, Harrisons Malayalam, Dhunseri Petrochem and Tea, Goodricke Group and Jay Shree Tea have surged between 20-65% during the period.