Mumbai: The markets are trading higher on account of short covering, but there is still some volatility. The Nifty is holding the 2600 mark and the Sensex is trading at around 8500 level.
Market breadth is negative; about 941 shares have advanced while 1,816 shares have declined. Nearly 436 shares are unchanged.
This mild bounce in today's trade is on account of buying in heavyweights like ONGC, Bharti Airtel, Reliance Industries, SBI, BHEL, Infosys and TCS.
Buying is also seen in SAIL, ITC, Reliance Communication, NTPC, L&T, DLF, Wipro, Maruti Suzuki, Suzlon Energy, Tata Steel and Hindalco.
However, Unitech, Cairn India and Tata Communication are losers.
This mild bounce in today's trade is on account of buying in heavyweights like ONGC, Bharti Airtel, Reliance Industries, SBI, BHEL, Infosys and TCS.
Buying is also seen in SAIL, ITC, Reliance Communication, NTPC, L&T, DLF, Wipro, Maruti Suzuki, Suzlon Energy, Tata Steel and Hindalco. However, Unitech, Cairn India and Tata Communication are losers.
C Jayaram of Kotak Mahindra Bank said the markets would certainly test earlier lows over the next couple of weeks.
"I don’t expect it to seriously breach previous bottoms. Over the next couple of months or so, the markets will settle in a range before one can make any further prognosis."
On the global front, Asian markets are mixed. Hang Seng jumped 4.5per cent. Kospi rose 3.05 per cent and Taiwan gained 2.2 per cent. Nikkei and Straits Times are up 0.7-0.9 per cent. However, Shanghai fell 4% and Jakarta lost 2.4 per cent.
The markets bounced back in early trade on short covering and are trading with higher with some choppines. Both indices broke seven days' losing streak, as recovery in Asian markets helped the benchmark indices. However, steep fall in the US indices on Thursday did not impact our markets.
At 9:56 am, the Sensex rose 34 points to 8,485 and the Nifty gained 21 points to 2,574. CNX Midcap 100 went up 21 points to 3,293.
SBI, Reliance Communication, Reliance Industries, DLF, Tata Steel, L&T, Bharti Airtel, BPCL, Suzlon Energy, ONGC, TCS, Idea and HDFC are gainers.
However, Tata Communication, Unitech, ICICI Bank and Cairn India are losers.
Asian markets recovered from lows of the day. Nikkei, Hang Seng, Korea and Taiwan are in green. Shanghai is in red.
Crude January Futures is trading below USD 50 to a barrel on the NYMEX. Growing concerns about economy, weak demand and bleak outlook were the main reasons behind this fall in crude prices. Nymex Crude December Futures expired at 3.5 years low and closed down by $4/bbl at $49.62/bbl.
The sell-off continued in US markets and the stocks plunged further as jobless claims rose to 16-year highs. US stocks plunged, as hopes fade for bailout of auto industry and energy prices continue to slide. Financials hammered and the Citigroup plunges.
The Dow plunged 444.99 points, or 5.56 per cent, to 7,552.29, its lowest close since March 2003. The S&P 500 index declined 54.14 points, or 6.71 per cent, to 752.44, its lowest close since 1997. The Nasdaq composite index lost 70.30 points, or 5.07 per cent, to 1,316.12, also a six-year low.
Market cues:
US markets slide further; S&P 500 at 11-year lows
FIIs net sell USD 51.6 million in equity on November 19
MFs net sell Rs 50.7 crore in equity on November 19
NSE F&O Open Int down by Rs 1,629 crore at Rs 48,290 crore
F&O cues:
Futures Open Int down by Rs 354 crore, Options Open Int down by Rs 1,275 crore
Nifty Nov Futures add 2 lakh, Dec Futures add 7 lakh shares in Open Int
Nifty Nov at 3-pt discount, Dec at par
Nifty Open Int Put-Call ratio at 0.85 versus 0.91
Nifty Puts shed 15 lakh, Calls add 13 lakh shares in Open Int
Nifty 2400 Put adds 2.8 lakh shares in Open Int
Nifty 2500 Put adds 2 lakh shares in Open Int
Nifty 2700 Put sheds 10 lakh shares in Open Int
Nifty 2600 Put sheds 8 lakh shares in Open Int
Nifty 2500 Call adds 4.5 lakh shares in Open Int
Nifty 2600 Call adds 3.9 lakh shares in Open Int
Stock Futures add 1 cr shares in Open Int
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