Markets stays firm; Metal and Healthcare lead Analysis for Dec 30, 2011

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Positive global cues kept the Indian benchmark indices in green, thus reflecting upbeat mood of the investors despite of the slowing domestic economy. Today, in the first half of trading session, the 30-share barometer index of Bombay Stock Exchange (BSE), Sensex gained some momentum by smart buying by the investors took positive cues from the global front. However, uncertainty hangs over the positive movement of the stock throughout the day as the cautious approach weighed heavily on the market.

For now, New Year mood also kept the indices in green. The yesterday"s performance of the US and European market injected positivity among the investors. The gains in US markets led by financial stocks and the slight decline in yields at Italian bond auctions brought some relief to market participants. The market sentiments were boosted by the Chicago PMI for December, which at 62.5 was above market expectations. Back home, state run banks gained on the reports that government has committed to infuse funds by March 2012. The optimism in the IT sector was bought from positive news from US markets as they closed higher following encouraging data on weekly jobless claims, pending home sales and Chicago area manufacturing.

At 12:12 Hours, BSE SENSEX was at 15,631.32 up by 87.39 points or by 0.56 per cent and then NSE Nifty was at 4,672.55 up by 26.3 points or by 0.57 per cent.

The BSE MIDCAP was at 5,133.15 up by 14.16 points or by 0.28 per cent, while the BSE SMLCAP was at 5,567.69 up by 22.7 points or by 0.41 per cent.

However, the cautious approach weighed heavily on the market and limited the gains, restricting the movement of the Sensex in the narrow range. Automobile stocks were in green today like Tata Motors, the top Sensex gainer, was up 2% at Rs 182, while Maruti Suzuki and Hero MotoCorp were up 1% each. Automobile companies will announce sales numbers on January 1, 2012.

The Market breadth, indicating the overall strength of the market, was positive. On BSE out of total shares traded 2,577, shares advanced were 1,342 while 1,124 shares declined and 111 were unchanged.

The top gainers of the BSE Sensex pack were Tata Motors Ltd. (Rs. 183.00, 2.09%), Housing Development Finance Corporation Ltd. (Rs. 665.00, 1.47%), ICICI Bank Ltd. (Rs. 695.10, 1.32%), Oil And Natural Gas Corporation Ltd. (Rs. 261.65, 1.24%), Hindalco Industries Ltd. (Rs. 118.45, 1.07%), among others.

Among the sectoral indices in BSE, PSU index was at 6,392.43 up by 89.54 points or by 1.42 per cent. MMTC Ltd. (Rs. 533.60, 13.62%), State Trading Corporation Of India Ltd. (Rs. 135.15, 11.97%), Hindustan Copper Ltd. (Rs. 181.70, 11.78%), Dredging Corporation Of India Ltd. (Rs. 216.35, 9.60%), HMT Ltd. (Rs. 31.00, 8.20%).

Following the PSU index, Bankex index was at 9,285.73 up by 64.81 points or by 0.7 per cent. Canara Bank (Rs. 367.50, 2.52%), YES Bank Ltd. (Rs. 242.60, 1.55%), Union Bank of India (Rs. 166.45, 1.52%), ICICI Bank Ltd. (Rs. 695.10, 1.32%), Bank of India (Rs. 271.20, 0.97%).

Meanwhile most of Asian peers were also trading in green due to positive global cues. The gains in US markets were led by financial stocks. The slight decline in yields at Italian bond auctions brought some relief to market participants. The Shanghai Composite was up by 0.84 per cent, Nikkei 225 was up by 0.67 per cent, Taiwan Weighted was trading lower by 0.04 per cent and Hong Kong"s Hang Seng was higher by 0.37per cent above the benchmark.

Read more about: bse, nse
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