Metals shine in a firm market

Markets continue to trade firm mirroring strength in the global markets.

At 10:40 AM the Sensex was at 26,673 levels, up by 114 points while CNX Nifty opened at 8,080 levels, up by 29 points

Tech Mahindra is down by 0.4% while GAIL has dropped 0.3% ahead of their quarterly results.

The top gainers on the Sensex are Hindalco, Vedanta, NTPC, Tata Steel and Sun Pharma, all up between  1-3.3% each

The biggest losers however are ITC, GAIL, Maruti, Bharti Airtel and Lupin, down between 0.2-1.2% each 

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(updated 9:30 AM)

Markets opened the trading session on a firm note tracking the strength in global peers.

At 9:30 AM the Sensex was at 26,681 levels, up by 122 points while CNX Nifty opened at 8,084 levels, up by 33 points

The broader markets are in line with their larger peers with BSE Midcap and Smallcap indices up between 0.3-0.7% each. The market breadth is extremely strong with 1,125 advances against 360 declines on the BSE.

 

On earnings front, Adani Power, DLF, IndianOil, GAIL, Tech Mahindra,  Reliance Power and PVR would be posting their quarterly results today.

Meanwhile, Foreign Institutional Investors (FIIs) were the net sellers to the tune of Rs 272.67 crore as per the provisional stock exchange data.

MARKET OUTLOOK

According to a morning report from Angel Broking, “There is a strong support placed around the 8000 mark. This important support level (50% Fibonacci retracement of the recent up move) provided a decent support for our market. ”

The report further said, “Thus, going forward, a minor bounce back towards 8120 – 8180 levels cannot be ruled out. On the flipside, a sustainable move below 7950 may trigger pessimism in the market, which may result in a continuation of this downward move towards 7850 – 7800 levels. It’s advisable not to trade aggressively on the long side and follow strict stop losses for existing positions.”

GLOBAL STOCKS

Asian share markets are trading higher today tracking a strong closing on the Wall Street helped by gains in energy and health care stocks.Meanwhile, a holiday in Japan kept currencies tethered within recent tight ranges.

Also, European stock markets erased earlier losses and finished higher on Monday after a gauge of factory activity for the eurozone unexpectedly improved.

SECTORS & STOCKS

Coal India recorded an output of 44.37 million tonnes during the month of October, according to a filing on the BSE. The stock is flat with positive bias.

Banking shares are rallying after Global rating agency Moody’s on Monday said it expected a gradual improvement in the working environment as it upgraded its outlook for India’s banking system from negative to stable.

SBI, PNB, Axis Bank, ICICI Bank, HDFC Bank are all up between 0.3-1% each

Soccer great Lionel Messi will become the face of Tata Motors' passenger vehicles portfolio. The Argentinian becomes the first brand ambassador of the company in its 70-year history.  The stock is up by 0.5%

Maruti Suzuki India (MSI) said its domestic sales surged by 24.7 per cent during the month to 121,063 units, against 97,069 units in October last year. The stock is up marginally by 0.2%

Other notable gainers are Vedanta, Hindalco, NTPC, SunPharma, all up between 1-3.5% each

TVS Motor Company reported a 14% growth in sales for the month of October 2015 with total sales increasing from 241,044 units recorded in the month of October 2014 to 274,622 units in the month of October 2015. The stock is up by 3%

Reliance Communications on Monday announced the merger of Sistema Shyam TeleServices' India operations with itself in an all-stock deal. The stock is up by 2.3%