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Markets consolidate further

Last updated on: March 08, 2013 13:52 IST

BSEMarkets continue to hold on to its gains in early noon trades on account of gains in Asian markets coupled with buying in frontline stocks like HDFC, ITC and Reliance Industries.

At 1350 hours, the Sensex was up 220 points at 19,633 and the Nifty added 68 points at 5,931.

Meanwhile, in the broader markets, the midcap index underperformed with a 0.3% gain as compared to the smallcap index and the BSE benchmark index which gained 0.5% each.

In Asia, shares rose on the back of gains in U.S. stocks on solid data and Chinese exports beating forecast underpinned investor risk sentiment while denting demand for safe-haven gold.

The MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5%, on track for a weekly gain of 0.8%.

Hong Kong shares surged 1.8% while Shanghai shares rose 0.3%. Japan's Nikkei stock average closed up 2.6% at its highest since September 2008.

Among the sectoral indices, Oil & Gas, FMCG and PSU indices advanced 1% each followed by Metal, Power, Capital Goods, Consumer Durables and Bankex indices which gained 0.6-0.7%.

On the other hand, IT and Auto index were the laggards, down 0.9% and 0.2%


The gainers among the Sensex-30 were Hero MotoCorp, Jindal Steel,HDFC and Gail India up 2-3%.

The other gaainers included ITC, Coal India, Tata Steel, ONGC, HDFC Bank, L&T and NTPC, up 1% each.

On the losing side were auto majors like Maruti Suzuki down 1.6% on news that the company will suspend petrol car production at Gurgaon plant to cut inventory amid slowing sales.

Tata Motors and Bajaj Auto too slipped 1.4% and 0.3%.

Bank of America Merrill Lynch downgraded Bajaj Auto to "underperform" from "buy" each, citing share gains since mid-2012 and valuations it considered "not compelling." BofA Merrill also cut its price target on Bajaj Auto by 16% to Rs 1,925.

Technology shares fall on profit-taking with Infosys, TCS and Wipro losing 0.5-1%.

Dr Reddys Lab and Hindalco down 1% each were the other major losers.

Among other stocks, public sector oil marketing companies, Bharat Petroleum was up 4%, Hindustan Petroleum was up 2.5% and Indian Oil Corporation was up nearly 2%.

The market breadth was positive on the BSE. 1470 stocks advanced while 1091 stocks declined.

SI Reporter in Mumbai
Source: source
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