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Markets volatile in noon trades

Metal, banks and realty shares lead gains

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SI Reporter Mumbai

Markets are trading on a volatile fashion this afternoon with the Sensex gaining 45 points at 19,279. Nifty is down 14 points at 5,865.

November inflation fell to 7.24% from 7.45% in October, government data showed on Friday. The street was expecting November WPI to be around 7.6%.

"The market has been testing new highs on back of the high fund flows during the year. This along with the fact that the economy, has possibly seen the worst in terms of the low growth should augur well for the economy. Going into FY2014, the economy is expected to be on better slate, with expectation of it growing beyond six per cent," said Sarabjit Nangra, VP Research, Angel Broking.

Meanwhile in Asia, Shanghai Composite has surged 4% to 2,142 on the back of a survey indicating further improvement for the nation’s beleaguered manufacturing sector, with Shanghai’s market surging. Hang Seng and Straits are up as well.

BSE realty index has added 1% to 2069. Metal, bankex and IT indiecs are up half a per cent each. Meanwhile, weakness can be seen in BSE consumer durables index which is down a per cent at 7784.

SBI is leading the gainers lists - up 1.7% at Rs 2300. TCS is up 1.5%. Market heavyweight - Reliance, is the top mover in the Sensex.

Tata Motors has extended Thursday's gains triggered by its British car unit Jaguar Land Rover (JLR) reporting good November sales. The stock is up 1.5% at Rs 292.

Metal stocks have moved up as a preliminary version of HSBC's manufacturing Purchasing Managers' Index hit a 14-month high in December 2012. Sterlite, Jindal Steel, Tata Steel and Hindalco are up 0.5-1.5% each.

Bharti Airtel, country's biggest mobile-phone operator's  arm, Bharti Infratel's initial public offering for up to $830 million was fully covered on Thursday amid lukewarm response from retail and NIIs. Shares of Bharti AIrtel were trading at Rs 310 - down 2%.

The other notable movers include, Shares of fertiliser companies rallied up to 18% in opening deals after the Cabinet Committee on Economic Affairs (CCEA), on Thursday, approved a urea investment policy, which is likely to incentives fertilizer companies to set up new plants and expand existing capacity.

BSE market breadth is neutral. Out of 2,751 stocks traded, 1308 shares have advanced while 1317 shares delcined.

 

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First Published: Dec 14 2012 | 1:01 PM IST

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