 "Markets pare gains, Bankex and auto indices in red")
Markets have opened in the positive zone. The Sensex after touching a high of 19,673 pared some of its gains as investors booked profits in auto shares.The BSE benchmark is up 53 points at 19,624. Nifty is up 21 points at 5,929.
"From a trade point of view suppose the Nifty corrects from here u work with a 50 percent retracement stop. So u take todays high and yesterdays low and work out the 50 percent correction level, if it breaks that then as a day trader you will be out of longs," said Anil Manghnani, Chairman, Modern Shares & Stock Brokers.
Shanghai-listed stocks reversed from early losses to shoot higher on Friday, with the market joining most of the region in positive territory following signs of strength in the U.S. economy. The Shanghai Composite surged 1.6% at 2,308. Nikkei was up 1.2% at 12,537. Hang Senga nd Straits were up as well.
Broader markets have gained in line with the benchmark index. BSE Mid-cap index is up 29 points at 6,455. Small-cap index is up 0.3% at 6,250.
According to data released on Thursday, the Wholesale Price Index (WPI)-based inflation rose to 6.84 per cent in February, from 6.62 per cent the previous month, reflecting the impact of fuel price corrections made by the government.
Most of the sectoral indices, barring bankex and auto, are in the green. BSE consumer durables index is leading the gains. The index is up 1.5% at 6,915. BSE metal index is up 1.3% mirroring cues from the London Metal Exhange. OIl & gas, power, IT and PSU shares are also in the green. BSE bankex, however, is down 0.4% at 13,740. The auto index is flat at 10,699.
Hindalco has gained 1.7% in morning trades and is trading at Rs 98. HDFC, Sterlite and HUL are up as well. Tata Steel and Bajaj Auto are up around 1% each. On the other hand, ICICI Bank and HDFC Bank from the banking space, and Tata Motors and Maruti from the auto sector, are down 0.6-2% each.
OVL, Oil India have jointly bid for stake in Mozambique field. The stake on offer from Videocon and US explorer Anadarko Petroleum Corp, which is also the operator of the field. ONGC is up 1.2% at Rs 324. Oil India is up 0.5%.
Coal India is flat at Rs 319 on news that the company has marshaled additional supplies to fire power units. Between the April-January period in FY13, CIL’s production increased six per cent and off-take grew eight per cent.
The National Pharmaceutical Pricing Authority (NPPA) has named a number of drug makers for allegedly overcharging consumers for many essential medicines, amounting to a total of Rs 2,362 crore over the past few years. Those named include prominent firms such as as Cipla, Dr Reddy's Labs and Ranbaxy. In spite of the news, Cipla is up 1.3%. Dr Reddy's is up 0.8% while Ranbaxy has gained 0.4% respectively.
National Aluminium Company (Nalco) has dipped 7.4% at Rs 40.95 after the government fixed a floor price of Rs 40 a share for share auction today. The price is at a nearly 10% discount to the Thursday’s closing price of Rs 44.25 on the BSE.
Punj Lloyd is trading higher by 5% to Rs 49.30, after the construction and engineering company said it has bagged a contract worth Rs 314 crore ($ 57.75 million) from Al-Khafji Joint Operations for an offshore project in Al-Khafji, Saudi Arabia.
BSE market breadth is fairly positive this morning. Out of 2,156 stocks traded, 1,066 shares have advanced while 978 shares have declined.
"From a trade point of view suppose the Nifty corrects from here u work with a 50 percent retracement stop. So u take todays high and yesterdays low and work out the 50 percent correction level, if it breaks that then as a day trader you will be out of longs," said Anil Manghnani, Chairman, Modern Shares & Stock Brokers.
Shanghai-listed stocks reversed from early losses to shoot higher on Friday, with the market joining most of the region in positive territory following signs of strength in the U.S. economy. The Shanghai Composite surged 1.6% at 2,308. Nikkei was up 1.2% at 12,537. Hang Senga nd Straits were up as well.
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The rupee today gained 24 paise to 54.11 against the dollar in early trade at the Interbank Foreign Exchange market on increased selling of the US currency by exporters and banks.
Broader markets have gained in line with the benchmark index. BSE Mid-cap index is up 29 points at 6,455. Small-cap index is up 0.3% at 6,250.
According to data released on Thursday, the Wholesale Price Index (WPI)-based inflation rose to 6.84 per cent in February, from 6.62 per cent the previous month, reflecting the impact of fuel price corrections made by the government.
Most of the sectoral indices, barring bankex and auto, are in the green. BSE consumer durables index is leading the gains. The index is up 1.5% at 6,915. BSE metal index is up 1.3% mirroring cues from the London Metal Exhange. OIl & gas, power, IT and PSU shares are also in the green. BSE bankex, however, is down 0.4% at 13,740. The auto index is flat at 10,699.
Hindalco has gained 1.7% in morning trades and is trading at Rs 98. HDFC, Sterlite and HUL are up as well. Tata Steel and Bajaj Auto are up around 1% each. On the other hand, ICICI Bank and HDFC Bank from the banking space, and Tata Motors and Maruti from the auto sector, are down 0.6-2% each.
OVL, Oil India have jointly bid for stake in Mozambique field. The stake on offer from Videocon and US explorer Anadarko Petroleum Corp, which is also the operator of the field. ONGC is up 1.2% at Rs 324. Oil India is up 0.5%.
Coal India is flat at Rs 319 on news that the company has marshaled additional supplies to fire power units. Between the April-January period in FY13, CIL’s production increased six per cent and off-take grew eight per cent.
The National Pharmaceutical Pricing Authority (NPPA) has named a number of drug makers for allegedly overcharging consumers for many essential medicines, amounting to a total of Rs 2,362 crore over the past few years. Those named include prominent firms such as as Cipla, Dr Reddy's Labs and Ranbaxy. In spite of the news, Cipla is up 1.3%. Dr Reddy's is up 0.8% while Ranbaxy has gained 0.4% respectively.
National Aluminium Company (Nalco) has dipped 7.4% at Rs 40.95 after the government fixed a floor price of Rs 40 a share for share auction today. The price is at a nearly 10% discount to the Thursday’s closing price of Rs 44.25 on the BSE.
Punj Lloyd is trading higher by 5% to Rs 49.30, after the construction and engineering company said it has bagged a contract worth Rs 314 crore ($ 57.75 million) from Al-Khafji Joint Operations for an offshore project in Al-Khafji, Saudi Arabia.
BSE market breadth is fairly positive this morning. Out of 2,156 stocks traded, 1,066 shares have advanced while 978 shares have declined.