Markets trading sideways

Auto stocks witnessing renewed buying interest

Markets are trading sideways in the morning deals. The Sensex is up 64 points at 17,456 and the Nifty has advanced 19 points to 5,294 levels.

Meanwhile, China's imports rose 6.3% last month from a year earlier, the customs administration said on Tuesday, less than half the 12.7% increase forecast in a Reuters poll as domestic demand flagged in the world's second biggest economy.

Back home, auto and realty stocks are witnessing renewed buying interest in the morning trades. From the auto space, Tata Motors is the top gainer, up nearly 2% at Rs 244. Bharat Forge, Ashok Leyland, Hero MotoCorp. Bajaj Auto, Mahindra & Mahindra, and Maruti Suzuki are among the top gainers. Among the realty stocks, Phoenix Mills is the top gainer, up 2.5% at Rs 187. HDIL, Indiabulls Real estate, Unitech and Prestige estates are also trading higher.

Among the individual stocks, Globus Spirits has soared 13% to Rs 133, extending its past two days’ rally on the back of huge volumes. As many as a combined 2.25 million shares have already changed hands on the counter in morning trades, as against an average of around 400,000 shares that were traded daily in past two weeks.

OnMobile Global has moved higher by 4% at Rs 34.95, bouncing back by 13% from day’s low of Rs 34.95 after Arvind Rao, founder, managing director and chief executive officer of the company has resigned, following a KPMG, legal advisor, probe that confirmed faulty corporate practices under his stewardship.

Varun Shipping Company has soared 20% to Rs 19.40 in opening trades on the National Stock Exchange on reports that the company has recast its debt by raising dollar loans against ships.
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(Updated at 9:20 AM)

Markets have opened marginally higher ignoring subdued global cues. The Sensex has advanced 51 points to 17,443 and the 50-share Nifty has opened higher by 14 points at 5,289 levels.

Meanwhile, the Asian markets are trading marginally lower on worries of global economic deceleration, and awaiting Chinese trade data due later in the day that could set the tone for risk appetite.

Overnight, US stocks slipped in light trading on Monday. The Dow Jones industrial average the Standard & Poor's 500 Index lost 0.3 per cent and 0.2 per cent, respectively.

Back home, metal stocks have rebounded in trades today after being hit badly yesterday. From the metal space, JSW Steel is the top gainer, up 1% at Rs 711. Coal India, Hindalco, Tata Steel, Hindustan Zinc, Jindal Steel and Sterlite Industries have also opened higher. Among the other heavyweight stocks, Tata Motors, Infosys, Wipro, TCS, Hero MotoCorp, Bharti Airtel, HDFC and Gail India have also opened higher.

On the other hand, Tata Power, ITC, NTPC, BHEL, Maruti Suzuki, Cipla and Sun Pharma have opened lower.

On the sectoral front, BSE metal index is the top gainer, up nearly 1% or 82 points at 10,914. IT, consumer durables, realty, auto, PSU and bankex indices have also opened higher by 0.3-0.7% each. At tthe same time, power and FMCG indices have opened lower.

The broader markets are in-line with the benchmark indices. The BSE mid-cap index is up 23 points at 6,261 and the small-cap index is up 30 points at 6,780.

The overall breadth is positive as 908 stocks are advancing while 370 are declining.