Indian Indices Trade Near the Dotted Line; Metal Stocks Witness Selling

Fri, 10 Feb 11:30 am

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After opening the day on a firm note, the Indian share markets witnessed losses and went on to trade near the dotted line. Sectoral indices are trading on a mixed note with stocks in the oil & gas sector and metal sector witnessing maximum selling pressure. Stocks in the consumer durables sector and banking sector are trading in the green.

The BSE Sensex is trading up 20 points (up 0.1%) and the NSE Nifty is trading up 14 points (up 0.2%). The BSE Mid Cap index is trading flat, while the BSE Small Cap index is trading up by 0.4%. The rupee is trading at 66.91 to the US$.

Indian stock markets are trading on a volatile note on the back of December quarter result announcements by Indian companies. As per an article in the Economic Times, as many as 464 BSE-listed companies are set to declare their December quarter results today. The list includes GAIL, Balkrishna Industries, State Bank of India, Bank of Baroda, Berger Paints, Hindustan Zinc etc. among others.

The effect of above result announcements would be seen on Indian markets today.

You see, estimates and even the actual corporate earnings every quarter tend to have a major influence on investor sentiments. The company's under or outperformance is immediately reflected in market movements. And these announcements put market participants and stock markets into a frenzy.

But as usual, we recommend that you, the intelligent investor, avert your eyes from this drama and keep them focused on the value and comfort of the safest stocks.

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Apart from the result announcements, investors are also keeping an eye on industrial production and manufacturing output data for December that is going to be released today.

Industrial output rose to a 13-month high of 5.7% YoY in November. The same declined by 1.9% YoY in October.

Factory Output Deteriorates, More Pain Ahead

It would be too early to conclude that demonetisation had no impact on the industrial output. The data for the month of December will provide more clarity in this regard.

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