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Markets flat; weakness in HDFC twins keep gains under check

Bajaj Auto, L&T, Infosys and RIL among the major gainers

SI Reporter Mumbai
Last Updated : Dec 24 2013 | 1:17 PM IST
Markets continue to trade flat with the BSE benchmark index trading with a negative bias at 21,098 and the Nifty was up three points at 6,288. Weakness in HDFC group stocks is keeping the gains in heavyweights like L&T, Infosys and RIL under check.

Meanwhile, the broader markets stepped up with the smallcap index gaining over 1% and the midcap index adding 0.6%, both outperforming the BSE benchmark index.

In Asia, markets took cheer on Tuesday after Wall Street rang up more records and upbeat U.S. spending data burnished the outlook for the global economy, with Japan's Nikkei hitting a 2013 high after Tokyo markets opened following a holiday.

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Tokyo's Nikkei ended up 0.1%, posting its highest closing level in six years for the third session in a row.

Hong Kong's Hang Seng Index rose 1.1% after ending on Friday at its lowest since mid-November. But the Shanghai Composite Index erased earlier gains and turned negative in volatile trading after closing last Friday at its lowest since August.

Back home, on the sectoral front, Metal index down 1% and Bankex down 0.1% were the only ones in the negative territory.

Capital Goods, Consumer Durables, Health Care, IT and Oil & Gas indices were up 0.2-0.9%.

Bajaj Auto, BHEL, L&T and NTPC up 1-1.5% were the major gainers.

Dr Reddys Lab, Mahindra & Mahindra, SBI, Infosys, Reliance Industries, Hindustan Unilever and TCS up 0.4-0.7% were the other notable gainers.

Among the ones in the red, Tata Power and Sesa Sterlite down 2% each were the top losers.

HDFC, Hero MotoCorp, Hindalco, Wipro, Sun Pharma and Tata Steel up 0.8-1.2% were the other prominent names in the red.

In individual names, Apollo Tyres soared 9% to Rs 101.80, its highest level since September 2012, on back of heavy volumes.

UPL is trading higher by 1% at Rs 191 after the company announced the buyback of its own equity shares from the public shareholders.

Market breadth was very positive owing to the strength in broader markets. 1282 stocks advanced while 899 stocks declined on the BSE.

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First Published: Dec 24 2013 | 1:03 PM IST

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