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Markets continue firm trade

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SI Reporter Mumbai

Markets continued to trade on a firm note, shrugging off cues from Japan. The Sensex touched a high of 18,368 in morning trades. However, the index slipped marginally after government came out with the inflation data. The BSE benchmark was up 142 points at 18,316.

BSE mid and small-cap indices outperformed the benchmark. Mid-cap index advanced 0.22% to 6,543. Smal-cap index was up 0.17% at 7,913. Nifty, on the other hand, was up 49 points at 5,493.

Crude prices fell on worries that Friday's earthquake in Japan and the continuing distaster there would decrease demand for the commodity which has been rallying. Crude prices had gone up on concerns that demand may outstrip supply as the Middle East saw political crisis.

Meanwhile, markets in Asia traded in the positive on hopes of a rebuilding plan for the tsunami struck nation. Hang Seng was down 0.14% at 23216. Seoul Composite added 0.8% to 1,971. Jakarta Composite was up 1% at 3,577. However, Japanese markets continued to feel the pressure. Nikkei dropped 6% to 9,620. Economic losses in the regions of Japan that were hit will reach around 14 trillion yen to 15 trillion yen ($171-$183 billion) based on information available Credit Suisse said in a research note.

European markets have opened on a soft note. DAX dropped 1% to 6,899. CAC and FTSE were flat.

Back home, the government announced the inflation numbers for February. India's wholesale price index (WPI) rose an annual 8.31% in February on higher fuel and manufactured product prices - which is significantly higher than the expected 7.7%.

Reliance continues to be the biggest contributor among Sensex stocks. The stock was up 2% at Rs 1,011.

Tata Power jumped 3.5% to Rs 1,245. Reliance Communications and Tata Steel added 2% each to Rs 99 and Rs 594, respectively. Reliance Infrastructure, NTPC, HDFC and Jaiprakash Associates were up around 1% each.

Meanwhile, Maruti Suzuki dropped 1.2% to Rs 1,237 on fears that the company's margins will be hit by the earthquake in Japan.

Other auto stcoks were in red. Bajaj Auto, Tata Motors and Hero Honda dropped nearly 1% each. Among other stocks, HUL, Bharti Airtel and BHEL were in red.

However, dropping crude prices gave a phillip to OMCs. HPCL and BPCL jumped 2-4% each. IOC gained 1% at Rs 309. Aviation stocks also jumped 1-4% each.

 

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First Published: Mar 14 2011 | 1:35 PM IST

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