Thursday, February 11, 2010

Listless markets look for direction

Stocks might trade flat as the indices are likely to flirt with the dotted line for most of the day. The benchmark index or the Sensex might trade in a band of 50 points for the day, as there are no triggers for the market in the short run.

Consumer Goods and PSU stocks were the laggards in yesterday's trade. ONGC, NTPC and BHEL lost more than one percent each pulling down the index.Metal stocks were strong with Hindalco and Sterlite Ind leading the gainers. The outlook for the metal stocks remains strong following a fall in the dollar in the currency market.

Select Midcaps remained strong even in a lacklustre market. HMT clocked double digit percentage fains for the second day in a row, as rumors of restructuring made rounds in the market.Cranes Software, Natco Pharma and Ajanta Pharma, were other stocks that were active in the market.

Patni Computer Systems might see some volatility going in to Q3 numbers which are likely to be announced today. Dalal Street is a seeing 'lull' period right now and there is little or no news in the market. The indices might move sideways for now,before making a decisive move. The trigger, negative or positive, might come in the form of budget in few weeks.