 "Markets continue to trade firm as bank, autos gain")
Markets continued to trade on a firm note this afternoon with buying interest visible in banks, realty and auto shares. The Sensex, after opening at 18,356, touched a high of 18,621. The index is now up 254 points at 18,612. Equities rose as steep drop this week in gold and oil prices will ease concerns of high current account and fiscal deficit. The Nifty rose 90 points at 5,685 on continued optimism after the government announced a better-than-expected WPI inflation data on Monday.
Foreign institutional investors (FIIs) sold shares worth a net Rs 418.37 crore on Monday as per provisional data from the stock exchanges.
Meanwhile, Japan's Nikkei average fell for a third day in a row on Tuesday, shedding 0.4 percent with the mood soured by concerns over stumbling global growth, but renewed weakness in the yen enabled the market to pare some of its early steep losses. The Nikkei ended 54.22 points lower at 13,221.44. The benchmark dropped as much as 2 percent to a one-week low of 13,004.46 in the morning session but moved back into positive territory several times in the afternoon.
Realty, auto and power indices were up around 1.6% each. However, on the losing side, BSE metal index shed 0.7% at 8,253 on weakness in global industrial metal prices. IT index was down 0.6% at 5977.
Mahindra & Mahindra surged 3.5% at Rs 843. Hero MotoCorp added 3% to Rs 1480. Maruti was up 2.8%.
ONGC, Larsen & Toubro and Tata Power advanced 2.5% each. Market heavyweight Reliance has added 2% to Rs 808 ahead of its financial results which is set to come out later today.
BSE market breadth is negative. Out of 2298 shares traded so far, around 1168 shares have advanced while 989 shares have declined.
Foreign institutional investors (FIIs) sold shares worth a net Rs 418.37 crore on Monday as per provisional data from the stock exchanges.
Meanwhile, Japan's Nikkei average fell for a third day in a row on Tuesday, shedding 0.4 percent with the mood soured by concerns over stumbling global growth, but renewed weakness in the yen enabled the market to pare some of its early steep losses. The Nikkei ended 54.22 points lower at 13,221.44. The benchmark dropped as much as 2 percent to a one-week low of 13,004.46 in the morning session but moved back into positive territory several times in the afternoon.
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Banking and financial shares like HDFC, HDFC Bank, ICICI Bank and SBI have surged between 1-4% on expectations that the RBI will start cutting interest rates in the coming month to support the slowing economy. The BSE bankex surged 2.10% to 13,478.
Realty, auto and power indices were up around 1.6% each. However, on the losing side, BSE metal index shed 0.7% at 8,253 on weakness in global industrial metal prices. IT index was down 0.6% at 5977.
Mahindra & Mahindra surged 3.5% at Rs 843. Hero MotoCorp added 3% to Rs 1480. Maruti was up 2.8%.
ONGC, Larsen & Toubro and Tata Power advanced 2.5% each. Market heavyweight Reliance has added 2% to Rs 808 ahead of its financial results which is set to come out later today.
BSE market breadth is negative. Out of 2298 shares traded so far, around 1168 shares have advanced while 989 shares have declined.