The Smart Investor

Markets trading flat

SI Reporter/Mumbai 10 Feb 12 | 09:36 AM

Markets are trading on a marginally higher note after making a moderately negative beginning. At 9:35 hrs, the Sensex was up 38 points at 17,868 and the 50-share Nifty gained 8 points at 5,420.

On the global front, the US stocks rose modestly for a third straight day on Thursday after Greece reached a deal to secure a financial bailout. The Dow Jones industrial average was up 6.51 points at 12,890.46.

The euro and shares eased on Friday as investors kept a cautious view over Greece's debt restructuring prospect. MSCI's broadest index of Asia Pacific shares outside Japan inched down 0.3 per cent, while Japan's Nikkei opened up 0.1 per cent.

Back home, the Nifty could face resistance around 5,445-5,465, while it may seek support around 5,380-5,360, analysts say.

BSE Metal, Auto, Oil & Gas and Power indices have surged by nearly 1% each. However, sectoral indices like Technology and Realty are trading marginally lower.

Tata Steel has surged by almost 2%. The company has reported a net loss of 603 crore for the quarter ended December 2011, as compared to a net profit of 1,003 crore in the previous corresponding period.

Bharti Airtel has rebounded after witnessing a steep fall during last few trading sessions.

Auto shares like Hero MotoCorp, Bajaj Auto and Tata Motors have gained by almost 1% each.

From the financial space, SBI, HDFC and HDFC Bank are trading marginally higher.

On the losing side, Hindalco is down 1%. The company will issue up to 150 million preferential warrants to the promoters and raise 2,000 crore.

ACC is trading higher by 2% at Rs 1,416 on reporting a healthy 86% year-on-year (y-o-y) growth in net profit at Rs 463 crore for the fourth quarter ended December 2011, on the back of higher sales and net tax credit of Rs 129 crore. Net sales grew 26% at Rs 2,647 crore on y-o-y basis.

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