The markets are trading in green but have given up some of its morning gains. Pressure is seen in midcap and smallcap stocks. The smallcap index has slipped and is trading in red and midcap index is trading flat. This has impacted the breath which is off the highs. After the Fed cut discount rate by 75 bps markets across globe have rallied. Asia ended in green most with gains of over 1.5%-3%, there were no runaway rallies seen. Europe is off the highs after UK based HBOS reported pound 227 million.
Nifty has breached 4600 mark and is hovering around the 4600 mark and Sensex has slipped below 15200 levels. Other than realty, all BSE indices are trading higher. Power, banking, telecom and capital goods stocks are the star performers. At 2.31 hrs IST, the Sensex is up 281.64 points or 1.90% at 15115.10, and the Nifty up 66.90 points or 1.48% at 4599.90. About 1075 shares have advanced, 1892 shares declined, and 92 shares are unchanged.
Wipro, SAIL, JP Associates are trading firm each up over 6%; followed by Satyam up over 5%. ICICI Bank, HDFC Bank, SBI, Bharti Airtel, PNB, L&T, RPL and RNRL were the other gainers. Ranbaxy, Tata Power, Grasim, BPCL, Dr Reddy's are among some of the losers.
The markets had opened on a strong note mirroring phenomenal rally in US markets as FOMC cut the Fed funds and discount rates by 75 bps. Asian markets are also supported this rally. Power, banking, telecom and capital goods stocks were the star performers in morning trade. Market breadth was very positive, NSE advance:decline ratio of 13:1. Midcap and small cap stocks have seen strong bounce back.
Source: Money Control
No comments:
Post a Comment