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Metals shine

Ø       The S&P CNX Nifty traded within 4840 – 4890 mark; in the morning session frontline indices rallied on the back of positive global cues. However, profit booking was witnessed in the last hour of trade.

Ø       Metal shares shined and extended its recent gains mirroring the price movements of metals in the LME Index. Tata Steel surged more than 7 percent and remained as prominent gainers in the Nifty gainers list.

Ø       Shares of power generation companies were in action as the government reports showed strong growth in electricity generation in November 2011.

Ø      Coal India rose on reports that the company has agreed in-principle to increase the wages of its three lakh-odd mine workers by 25%, as against a 100% hike that the unions had demanded last year.

Outlook

Ø       U.S. indices trimmed its weekly gains and closed in the red, on the back of tepid Quarterly numbers from J.P. Morgan Chase & Co. Meanwhile European bourses declined sharply from its day high on account of Euro nation downgrade reports.

Ø       In today’s trade Asian markets and the SGX Nifty are trading in the red and down a percent. Going ahead, the Indian market is likely to open on a negative note. Interest rate sensitives to be on limelight on the back of WPI numbers. Q3 results of ING Vysya and South Indian bank are to be announced today.