The Sensex continues to trade in the green.The benchmark index has gained 105 points and is trading at 19,510, while the Nifty added 30 points at 5,860. In the broader markets, the smallcap index and the midcap index has gained 1%. The benchmark index, continues to underperform at 0.6% in the positive.
Earlier the day, the markets had a choppy session. Owing to the weak Asian trades, the markets initially edged lower but as the Chinese markets recovered coupled with a better than expected GDP results the markets moved upwards. But in the early afternoon trades, a bout of volatility was witnessed in which the markets touched the day’s low of 19,218.
The Asian markets closed in the red. Seoul Composite and Taiwan Weighted were the only exceptions gaining 0.4% and 0.06% respectively. The Chinese market had a steep intra-day fall due to the reports of Beijing planning to tighten policy inorder to reign in inflation. However, towards the end, the index pared most of its losses to close at 2,820, down 1.6%. Hang Seng shed 0.6% at 23,007 while the Nikkei lost nearly 2% to end the day at 9,937.
In the European markets, DAX and FTSE are the only indices trading in the green. Earlier, all the indices had opened in the positive. CAC is currently. Down 0.4%
In the US markets, the index futures indicate that Dow may open down 19 points on fears that the the $112.61 billion bailout for Ireland won’t be able to contain the Euro debt crisis. Yesterday, the stocks had fallen on the fears of the same.
Among the sectoral indices, Realty continued to lead the pack, up nearly 5%. This is after nearly five days of trading in the red, the index has moved into the green. On the other hand, Oil % Gas which was the top gainer yesterday, has slipped into the negative. The movers in the realty space are Indiabulls Real Estate gaining 9%, Orbit Corporation, DLF and Sobha Developers adding 6% each. D B Realty which had stooped to a 52 week low today at Rs 190, has recovered and is up 5%.
Bharti Airtel, DLF up 6% each are the top gainers on the Sensex followed by SBI, Tata Motors, Hero Honda and Reliance Communications gaining 3% each.
Tata Steel, ICICI Bank and ACC down 1% each are the top losers on the benchmark index. L&T, Tata Power losing 0.9%, index heavy weight RIL shedding 0.8% are the other noteable losers.
Market breadth continues to be negative. 1153 stocks have declined while 804 have advanced.