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Sensex moves higher
March, 10th 2010

Markets opened flat-to-positive on Wednesday taking cues from insipid global markets. Losses in metals and PSU stocks were offset by gains in FMCG and auto space.

The Sensex has galloped by over 100% in a year; albeit with a couple of corrections. The story ahead doesn't appear as promising as yet. For the day, we dont expect any broad movement as the sentiment has softened a bit. Global markets are also insipid to say the least. Given this backdrop, we expect a flat to slightly positive start and another anemic session. Select stock specific action may of course continue to hog limelight.

Technically, the Nifty faces resistance at 5200 while support is likely to kick in at 5000. A break beyond this range is not expected anytime soon. Much will hinge on global cues and fund flows; also dont forget local data points like IIP and inflation, said India Infoline report.

Bombay Stock Exchanges Sensex was at 17088.64, up 36.10 points or 0.21 per cent. The index touched a high of 17095.93 and low of 17027.92 in early trade.

National Stock Exchanges Nifty was at 5110.65, up 9.15 points or 0.18 per cent. The broader index touched a high of 5112.05 and low of 5092.05 in trade so far.

BSE Midcap Index was up 0.23 per cent and BSE Smallcap Index moved 0.34 per cent higher.

Amongst the sectoral indices BSE FMCG Index was up 0.61 per cent and BSE Auto Index moved 0.41 per cent higher. BSE Metal Index moved 0.13 per cent lower and BSE PSU Index slipped 0.10 per cent.

Tata Motors (2.33%), Hero Honda (1.72%), Jaiprakash Associates (1.43%), Reliance Infrastructure (1.14%) and ACC (1.01%) were amongst the major Sensex gainers.

Losers included DLF (-0.55%), Bharti Airtel (-0.46%), HDFC Bank (-0.36%), Infosys (-0.23%) and Maruti Suzuki (-0.13%).

Market breadth was positive on the BSE with 1097 gainers and 641 declines.

Major US equities ended slightly higher as falling commodity prices pressured materials stocks, offsetting gains in the telecom and industrial sectors.

The Dow Jones Industrial Average gained 11.86 points, or 0.11 per cent, to 10,564.38. The Standard & Poor's 500 Index edged up 1.95 points, or 0.17 per cent, to 1,140.45. The Nasdaq Composite Index rose 8.47 points, or 0.36 per cent, to 2,340.68.

Asian counters were trading mixed as oil prices and shipping rates dropped. The Nikkei and Topix were down 0.14 per cent each while Hang Seng edged up 0.15 per cent and Straits Times rose 0.56 per cent.

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