Sensex breaks into green after dull start
A benchmark index for Indian equities on Tuesday crept up into the green after a listless start with buying seen in metal and oil and gas stocks.
The 30-scrip sensitive index (Sensex) of the BSE, which opened higher at 15,778.62 points, was ruling at 15,947.17 points, around 1.20 PM, 76.79 points or 0.48 per cent up from its previous close at 15,870.35 points. The Sensex had fallen to an intra-day low of 15,771.59 points in morning trade. The 50-scrip S&P CNX Nifty of the National Stock Exchange also crept up and was trading at 4,792.9 points, up 0.59 per cent or 28.3 points from its previous close. Broader markets were, however, trading quiet with the BSE 500 index ruling 0.16 per cent up.
The BSE midcap and smallcap indices were still trading in the red. Metals, energy and healthcare stocks rose, while consumer durables and capital goods companies continued to lose as weak IIP figures showed a dismal performance in October.
The coming months too are predicted to be weak for the manufacturing sector. The market breadth was negative, with 909 stocks advancing and 1,570 on the decline. Another 110 were unchanged. Among gainers on the 30-scrip Sensex at this time were Jindal Steel, Tata Motors, Tata Power and Sterlite. There were only three losers: L&T, Hero MotoCorp and ONGC.
Asian markets were ruling mixed as credit rating agencies criticised the European Union plan triggering skepticism about a historic European Union plan to fix a massive debt crisis by bringing greater economic cooperation between the member economies. The Japanese Nikkei was ruling 1.17 per cent down at 8,552.81 points. Hong Kong's Hang Seng was ruling 0.78 per cent lower at 18,430.46 points. The Chinese Shanghai composite index was trading 1.87 percent lower at 2,248.59 points.
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