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Indian equity benchmarks were mildly positive in opening trade amid a choppy trade. Indices were hovering just around their key psychological levels - the Nifty was around the 5700 level and the Sensex around the 19,000 mark.
India's valuations have come to reasonable levels post the correction and we are currently buyers of Indian stocks, says Mark Mobius of Templeton Asset Management.
"Many mid & small cap stocks have turned very attractive. The top 3 concerns for India are unemployment, inflation and water but India is amongst the top pick in the EM basket. Commodity prices may rise further as QE2 is not expected to end soon," he said.
Auto, telecom, select technology, Anil Dhirubhai Ambani Group and select financial companies' shares were quite supportive. However, cement, realty and select metal stocks were down.
Among frontliners, Hero Honda, Reliance Infrastructure, Reliance Communications, Bajaj Auto, Suzlon Energy, ONGC, L&T, SBI, Wipro, HCL Tech and Bharti Airtel were pushing the markets higher.
However, ACC, Axis Bank, Hindalco, SAIL, Sterlite Industries, Jaiprakash Associates, ICICI Bank, Infosys, Cairn India and NTPC were under selling pressure.
The 50-share NSE Nifty was trading at 5,698, up 11 points and the 30-share BSE Sensex gained 58 points to 19,001.
The CNX Midcap rose 12 points to 7,878. About 506 shares advanced as against 338 shares declined on National Stock Exchange.
Midcap & Smallcap space:
Firstsource and Aptech were up 2%. Sonata Software rallied 4%.
SREI Infrastructure jumped 7% as RBI classified the company as infra finance company. PBA Infra surged 11%.
Dewan Housing was up 4% and GIC Housing up 2%.
HCC gained 1%. Pantaloon Retail shot up 3.5% and Jet Airways rose 2.5%.
However, DB Realty was down 2% on reports that another board member resigned.
Piramal Healthcare tanked 7%. Tata Coffee and Parsvnath Developers were down 2.5%.
Chambal Fertiliser and Nagarjuna Fert declined. Shree Renuka and Balrampur Chini too were down around 1%.
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Global cues
Asian markets were trading mixed; Nikkei was down 1.1%. Japanese stocks fell after yet another 6.5 magnitude earthquake and fears over high levels of radiation at the crippled Fukushima reactor.
Shanghai, Hang Seng and Kospi were marginally in green. Straits Times and Taiwan were flat.
The US markets ended near day's low amid low volume day; NYSE total volumes traded failed to break 800 million shares on Monday.
The Dow Jones Industrial Average ended down 23 points at 12,198, after erasing 75 points from day's high.
The NASDAQ Composite was down 12 points at 2,731, after wiping out 24 points from day's high.
The S&P 500 Index fell 4 points at 1,310, after erasing 10 points from day's high.
Commodities
May crude oil contract was down 1.4% at USD 103.98/barrel
April natural gas contract fell 1.1% at USD 4.36 per MMBtu
April gold contract lost 0.4% at USD 1419.9/ounce
May silver contract was up 0.1% at USD 37.09/ounce
F&O cues:
Total Futures Open Int up Rs 2200 crore, Total Options Open Int up Rs 3362 crore
Total stock futures Open Int add 1.7 cr shares in Open Int
Nifty futures Open Int adds 23 lakh shares in Open Int, premium down at 12.5 pts versus premium at 26.5 pts
Nifty Open Int PCR up at 1.58 versus 1.52
Total Put adds 47.20 lakh shares, call adds 3.4 lakh shares
Highest Open Int outstanding at 5400 put, 5300 put and 5500 put, 5700 call
Nifty 5700 put adds 23.59 lakh (75%) shares in Open Int
Nifty 5600 put adds 8.81 lakh (14%) shares in Open Int
Nifty 5800 call adds 8.10 lakh (15%) shares in Open Int
Nifty 5800 put adds 4.80 lakh (240%) shares in Open Int
Nifty April 5600 put adds 5.59 lakh (56%) shares in Open Int
Nifty April 5500 put adds 7.41 lakh (36%) shares in Open Int
Nifty 5500 call sheds 10.51 lakh (27%) shares in Open Int
Nifty 5600 call sheds 4.68 lakh (11%) shares in Open Int
Nifty April 5300 put sheds 3.9 lakh (18%) shares in Open Int
Nifty 5400 call sheds 3 lakh (12%) shares in Open Int
Nifty 5400 put sheds 2.38 lakh (2%) shares in Open Int
India VIX up 2.69% at 21.02
Bombay Rayon Fashions Limited, Kingfisher, Suzlon and Videocon in FNO curb
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