Nse Market Mid Time Commentary
Goldennifty says:
The market showed smart recovery from day's low in the afternoon trade, supported by technology and telecom stocks. Banks and oil & gas stocks too showed some recovery, though they remained on bears' radar. The Sensex was down 8 points at 16,146.25 and the Nifty fell 8 points to 4,858.55.
The market did not react to inflation numbers for December as it was on expected lines at 7.47% versus 9.11% in November. CNBC-TV18 had expected it at 7.41%.
With the inflation at two-year low, experts believe that a cut in reserve ratios look a certainty in the Reserve Bank's 24 January meet. However, a cut in interest rates still look some time away. "There is an urgent need to induct more liquidity in the system, so the RBI will have to cut CRR so appropriate liquidity can be provided," said Arun Kaul, chairman of UCO Bank.
Technology majors Infosys and TCS gained 2-2.4%, which may be witnessing some short covering as they beaten up last week post Infosys' disappointing guidance for FY12. TCS is going to declare its third quarter numbers tomorrow.
Among others, Bharti Airtel, Tata Steel, BHEL, Sterlite, Wipro and Maruti moved up 1.5-2%; Coal India and ITC rose 0.5%.
However, index heavyweight Reliance Industries was down 1.85% and L&T fell 1.5%. ONGC dropped 0.7%. NTPC and HUL lost over 1.5%.
About 1193 shares advanced while 1245 shares declined on the BSE.
No comments:
Post a Comment