Benchmarks exhibit mixed trend; broader markets outperform

After staging a gap down opening in the trade, benchmark equity indices are now exhibiting mixed trends in light of global uncertainty. On the global front, Asian stocks were mostly lower on Friday amid seesawing fortunes in Greece's debt saga, while data showing a sharp drop in China's imports added another layer of caution to markets already confronting a dour earnings season. Reports suggest that Greece polity has an agreement on austerity on Thursday; Greek Finance Minister said they have struck a deal with private bondholders.

Back home, stocks from Information technology counters were the only weak links of the trade. However, sustained buying by funds and retail investors in Metal, Consumer Durable and Public Sector Undertaking counters are seen positive for Dalal Street.

30 share volatile index- not too far away from day’s high was trading above the 17850 level. However, the 50 share widely followed index of National Stock Exchange (NSE)- Nifty- edged lower ahead of the release of the IIP data. The overall market breadth on BSE still held in the favour of advances which thrashed declines in the ratio of 1521;1022, while 105 shares remained unchanged.

Meanwhile, India's annual industrial output growth measured by index of industrial production (IIP) with an updated base of 2004-05, has expanded at a lower than expected pace of 1.8% in December as compared to December 2010. The cumulative growth for the period April-December 2011-12 stands at 3.6% over the corresponding period of the previous year. According to the data released by Central Statistics Office, the IIP for the Mining, Manufacturing and Electricity sectors for the month of f December 2011 stands at 136.2, 190.7 and 149.8 respectively, with the corresponding growth rates of (-) 3.7%, 1.8% and 9.1% as compared to December 2010.

As per use-based classification, the growth rates in December 2011 over December 2010 are 4.0% in Basic goods, (-) 16.5% in Capital goods and (-) 2.8% in Intermediate goods. The Consumer durables and Consumer non-durables have recorded growth of 5.3% and 13.4% respectively, with the overall growth in Consumer goods being 10.0%

The BSE Sensex is currently trading at 17,868.40, up by 37.65 points or 0.21%. The index has touched a high and a low of 17,888.59 and 17,798.11 respectively.  There were 18 stocks advancing against 11 declining ones on the index, while 1 stock remained unchanged.

The broader indices protracted their consistent performance; the BSE Mid cap and Small cap indices surged by 0.96% and 1.20% respectively.

The top gaining sectoral indices on the BSE were Metal up by 1.37%, Consumer Durable (CD) up by 1.20%, PSU up by 1.13%, Auto up by 1.00% and Capital Goods up by 0.86%. While Information Technology down by 0.39%, was the lone losers on the index.

The top gainers on the Sensex were Tata Steel up by 4.59%, Bharti Airtel up by 1.83%, Tata Motors up by 1.34%, Bajaj Auto up by 1.30% and L&T up by 1.23%.

On the flip side, Maruti Suzuki was down by 1.07%, Infosys down by 0.86%, Cipla down by 0.85%, ICICI Bank down by 0.57% and Hindalco Industries down by 0.54% were the top losers on the Sensex.

The S&P CNX Nifty is currently trading at 5,409.20, lower by 3.15 points or 0.06%. The index has touched a high and a low of 5,427.75 and 5,399.15 respectively.  There were 23 stocks advancing against 27 declines on the index.

The top gainers of the Nifty were BPCL up by 4.14%, Sesa Goa up by 4.06%, Tata Steel up by 3.99%, Sail India up by 2.39% and Punjab National Bank up by 1.76%.Cairn India down by 2.08%, Maruti down by 1.62%, Siemens down by 1.61%, Ambuja Cement down by 1.57% and Hindalco Industries down by 1.45%  were the major losers on the index.

All the Asian markets barring Chinese Shanghai were trading in the red; Hang Seng was down by 0.58%, Jakarta Composite plunged 1.68%, Nikkei 225 slid 0.28%, Straits Times lost 0.25%, Seoul Composite plummeted by 0.89% and Taiwan Weighted succumbed by 0.61%.

On the flip side, Shanghai Composite up by 0.44% was the lone gainer amongst the Asian pack.