Wednesday, February 23, 2011

Markets open on a quiet note

Markets opened on a soft note on cues from the global market scenario. Markets across the globe fell as Lybia's escalating tensions worried investors.

Sensex opened down 66 points at 18,229. The index recoevered thereafter and was up 13 points at 18,309.

Nifty advanced marginally to 5,474.

US markets slipped on Tuesday - taking in the global losses after remaining shut on Monday. Dow dropped 1.4% to 12,213. Nasdaq slumped nearly 3% to 2,756. S&P 500 was down 2% at 1,315.

Asian markets were mostly in red this morning. Hang Seng was down 106 points at 22,884. Nikkei slipped 21 points at 10,644. Straits Times dropped 1% to 2,991.

Back home on Tuesday, the Sensex ended down 142 points at 18,296 after a session of volatility. Nikkei ended down 49 points at 5,469.

Libya's political turmoil, New Seland's earthquake and the Indian Prime Minister's request to the Lok Sabha Speaker to proceed with the JPC formation to investigate into the burgeoning 2G spectrum scam were looked at by investors.

Markets will continue to look out for Monday's Budget session. Indices may turn volatile today, ahead of the derivatives expiry on Thursday.

BSE realty index gained 1.5% in morning trades to touch 2,081. Oil, auto and metals were also in green. However, IT index slipped 1% to 6,230.

Infosys shed 1.6% to Rs 3,092. Wipro, MphasiS, TCS and HCL Tech were down 0.5% each.

Stocks to watch out for the day would be Kotak Bank, Mahindra Finance, Petronet, Idea Cellular, Sun Pharma and NMDC.

Sterlite gained 2% at Rs 172. HDFC, Reliance Infra, Hero Honda and Hindalco were up 1-2% each.

Market heavyweight, Reliance was up 0.8% at Rs 994. 

Jaiprakash Associates, Tata Motors and Bharti Airtel were in green.

However, banking stocks were in red. SBI slipped 1% to Rs 2,700, followed by ICICI Bank at Rs 1,023 and HDFC Bank at Rs 2,139.

Bajaj Auto, Tata Power and Mahindra & Mahindra shed marginally in trades.

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