Good morning everyone,
The major Indian equity benchmarks started the day on a firm note after Bernanke defended the central bank's bond buying plan, and on positive economic data from the US. The gains made could not be sustained and selling pressure around opening level pushed the benchmark down. Some of the pre-Budget sell-off in last couple of days in midcaps was due to funding crisis in local market leading to liquidating of pledged funds. The market participants are now waiting for the Economic survey to be presented today. This led the Sensex to trade near the level of 19043.82 i.e. up by 28.68 points & the Nifty to trade near the level of 5765.35 i.e. up by 4 points. The Midcap index and the small cap index are trading with the loss of nearly half a percentage and four-tenth of a percentage point respectively. On the sectoral front, the indices are trading mixed. FMCG Index is trading as the major gainer with gains of more than nine-tenth of a percentage point. This is followed by Capital Goods Index which is trading with the gains of more than seven –tenth of a percentage point. On the other hand, Auto Index is the biggest looser with the loss of more than nine-tenth of a percentage point.
Further, the market breadth is negatively placed as two stocks are seen advancing against three declining stocks.
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