 "Markets stage recovery on metal and software shares")
Markets have recovered from the day's low and is trading firm. The Sensex is up 76 points at 19,651. Nifty is up 16 points at 5,960.
Trend in global equities is likely to set the tone for Indian markets this week. At the domestic level, the investors will closely watch the industrial production data for March on Friday and results of key companies this week.
Globally, Euro-zone retail sales and ECB President Draghi’s speech (Monday), China’s consumer price index and Bank of England’s interest rate decision (Thursday) will be crucial triggers.
Meanwhile, BSE bankex has slipped 0.5% at 14,101. Banking shares continued to show weakness after the RBI cut key rates by 25 bps points on Friday. Other rate sensitives - auto and realty traded on a flat note in opening deals.
On the other hand, metal, IT and consumer durables idnices have gained 1-2% each in morning deals. Broader markets are in the green as well. BSE mid-cap index is up 0.5% at 6,410. Small-cap index has added 0.7% at 6,078.
From the metal space, Tata Steel, Hindalco and Sterlite are leading the rally. Hindalco is the top gainer among Sensex shares - up 2.6% at Rs 101.
From the IT space, TCS isup 1.8%, followed by Infosys and Wipro - up 1% each.
Market heavyweight - Reliance is up 1% at Rs 809. Bharti has gained 1% as well.
On the other hand, SBI, ICICI Bank and HDFC Bank are down 1-1.5% each. FMCG major, ITC is down 0.7% at Rs 328. HUL however is trading flat at Rs 575.
Finolex Industries has surged 10% to Rs 109 after reporting a robust 41% year-on-year (yoy) growth in its net profit at Rs 79.34 crore for the quarter ended March 2013, on back of lower raw material and interest cost. The plastic products maker had profit of Rs 56.19 crore in a year ago quarter.
HEG is trading higher by 7% to Rs 190 after reporting seven-fold jump in net profit at Rs 35 crore for the quarter ended March 2013, due to foreign exchange gain. The company had profit of Rs 5 crore in a year ago quarter.
Trend in global equities is likely to set the tone for Indian markets this week. At the domestic level, the investors will closely watch the industrial production data for March on Friday and results of key companies this week.
Globally, Euro-zone retail sales and ECB President Draghi’s speech (Monday), China’s consumer price index and Bank of England’s interest rate decision (Thursday) will be crucial triggers.
Also Read
Asia stock markets rallied in early Monday trade, taking cues from U.S. equities’ strong performance at the end of last week, along with accompanying gains for commodities. Hang Seng and Shanghai Composite were up neraly a per cent each this morning. Nikkei remained shut for a public holiday.
Meanwhile, BSE bankex has slipped 0.5% at 14,101. Banking shares continued to show weakness after the RBI cut key rates by 25 bps points on Friday. Other rate sensitives - auto and realty traded on a flat note in opening deals.
On the other hand, metal, IT and consumer durables idnices have gained 1-2% each in morning deals. Broader markets are in the green as well. BSE mid-cap index is up 0.5% at 6,410. Small-cap index has added 0.7% at 6,078.
From the metal space, Tata Steel, Hindalco and Sterlite are leading the rally. Hindalco is the top gainer among Sensex shares - up 2.6% at Rs 101.
From the IT space, TCS isup 1.8%, followed by Infosys and Wipro - up 1% each.
Market heavyweight - Reliance is up 1% at Rs 809. Bharti has gained 1% as well.
On the other hand, SBI, ICICI Bank and HDFC Bank are down 1-1.5% each. FMCG major, ITC is down 0.7% at Rs 328. HUL however is trading flat at Rs 575.
Finolex Industries has surged 10% to Rs 109 after reporting a robust 41% year-on-year (yoy) growth in its net profit at Rs 79.34 crore for the quarter ended March 2013, on back of lower raw material and interest cost. The plastic products maker had profit of Rs 56.19 crore in a year ago quarter.
HEG is trading higher by 7% to Rs 190 after reporting seven-fold jump in net profit at Rs 35 crore for the quarter ended March 2013, due to foreign exchange gain. The company had profit of Rs 5 crore in a year ago quarter.