Indian Markets Wednesday Wrap-Up: Marginal Gains on a Volatile Day

Volatility continued to rule the roost during the closing hours of trade. However, one big push towards the closing stages enabled the key benchmark indices to close in the positive. While Sensex edged higher by nearly 60 points (0.4%), Nifty ended higher by around 10 points (0.2%). BSE Mid cap and small cap indices closed in a contrasting manner with the former ending marginally lower and the latter marginally higher. Advance to decline ratio on the overall BSE once again came in favour of the latter albeit marginally.

While Asian indices closed mixed today, majority of the European indices are witnessing buying activity currently. The rupee was trading at Rs 48.5 to the dollar at the time of writing.

Today's ending was the fourth time in a row when the markets have ended in the positive. However, the streak has looked less and less assured with each passing day, with today's session turning out to be rather choppy. While there has been a euphoria regarding the revival of the monsoons, the fact that the markets seem to be trading in their fair value range and the absence of strong positive cues on the international front also seem to be playing on the minds of the investors. The next big catalyst we believe could be the September quarter results as they could provide some important signals on which way the Indian economy is headed from here.

Real Estate major DLF traded weak on the bourses today and ended nearly 3% lower. In yet another instance of the company looking to exit its non-core business, there are talks doing the rounds that it may be in discussion with several multiplex companies for the selling of its multiplex business, called DT Cinemas. It should be noted that the company currently has around 26 screens and the business was initiated in order to bring footfalls to its malls. However, the recent downturn, which stretched DLF financially, also forced it to have a rethink with respect to its non-core businesses and the decision to put DT Cinemas on the block could be just one of the outcomes of the same. As of now, PVR Cinemas seemed to have emerged as the strongest contender, with various arrangements like "no-cash" deal and leasing etc. being discussed.

Tata Steel, world's 8th largest steel maker ended in the positive on yet another occasion on the bourses today. The optimism seemed to be a result of the company's strong showing on the sales front in the month of August. As per a leading daily, the company has recorded volumes growth of 25% for the month on the back of robust demand from the construction sector. It further added that there was a whopping 81% jump in sales of long steel products used in construction over the same period a year ago. This goes to show that the government's efforts to increase spending on infrastructure are indeed bearing fruit. Interestingly, Tata Steel was not the only company to record improved sales as rival SAIL also notched up a strong 20% volume growth during the same period. For the Indian steel companies, the downturn seemed like just a minor blip.

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Sep 10 03:36 AM