By Rutam Vora, Commodity Online
Indian stocks traded at 31-month peak levels this morning as global cues supported investors sentiments towards European economic recovery. The key benchmark indices in India traded at its 2 ½ year peak levels extending the uptrend witnessed over past couple of trading sessions.

At 10.40 am on Thursday, September 09, 2010 the BSE Sensex traded at 18725 points up over 58.9 points or 0.32%, while Nifty successfully maintained its uptrend and traded with gains of over 13 points or 0.24% today.

Asian stock showed mixed trend as the key benchmark indices in South Korea, Singapore, Taiwan and China traded down by 0.01% and 1.03%, the key benchmark indices in Hong Kong and Japan were up by between 0.51% and 0.63%.

The US markets also traded with improved sentiments. The Dow Jones Industrial Average gained 0.5% to close at 10,387.01.

Market outlook for today

Indian markets continued its uptrend on the back of strong global cues. On the sectoral front, banking, auto, capital good led the uptrend, while on the flip side, IT, pharma, metals and oil & gas shed losses. Markets remained range-bound in the early trades on Thursday.

Stock specific activity may be seen in the further trades. Nifty is expected to hover in a range of 5610-5675 during the day.

Cement stocks on selling spree

Cement stocks were seen on a selling mode as investors resorted to profit booking at the higher levels. The losers in cement sector included ACC Ltd (BOM:500410) and JK Lakshmi Cement LTd (BOM:500380) each falling over 1% on the Bombay Stock Exchange (BSE) in the early trades today.

Cement companies had reported robust dispatches figures for the month of August as the infrastructure spending continued in government projects. However, monsoon put some pressure in the demand as the rains disrupted construction work at most places in the country.

FMCG showed mixed trend

FMCGs showed mixed trend with most stocks trading in a narrow range. United Breweries (BOM:532478), Dabur India (BOM:500096) and Tata Global Beverages (BOM:500800) remained dizzy with meager gains. UB rose 0.1%, while Dabur was up 0.6%. Tata Global Beverages remained flat in the morning trades on BSE today.

However, Britannia Industries (BOM:500825) made smart gains of over 6.45%, joined by Hindustan Unilever (BOM:500696) and Godrej Consumer Products (BOM:532424) each rising over 1.7% on BSE today.

ITC (BOM:500875), Marico (BOM:531642) and Nestle India (BOM:500790) pared gains and reeled under losses in the early trades on BSE today.

Energy stocks trade with extended losses

Energy stocks continued slide for the second day as most oil exploration stocks traded in red. Oil India (BOM:533106) was down over 1.1%, while Essar Oil Ltd (BOM:500134) and Oil & Natural Gas Corporation (ONGC) (BOM:500312) traded with loss of 0.2% each.

India’s largest private sector firm, Reliance Industries (BOM:500325) reeled under losses of 0.18% in the morning trades today.

The sectoral index, BSE Oil & Gas traded with loss of 0.21% at 10181.04 points.

Metal stocks melt the most

Metal stocks lost the most on the Bombay Stock Exchange (BSE) as the sectoral index, BSE Metal was down over 0.5% in the morning trades at 15978.15 points.

Copper producer, Sterlite Industries (BOM:500900) and Hindalco Industries (BOM:500440) traded with extended losses on the Bombay Stock Exchange (BSE) in the early trades today. Sterlite was down by 2%, while Hindalco lost 1.3%.

However, Zinc miner, Hindustan Zinc (BOM:500188) traded with marginal gains in the morning trades today. The stock was up 0.4%.

Aluminium producer, National Aluminium Company Ltd (BOM:532234) was down 0.3% in the morning trades today.

Steel stocks, however showed mixed trend with Jindal Steel & Power (BOM:532286) and Steel Authority of India (SAIL) (BOM:500113) trading with gains, while Tata Steel (BOM:500470) and JSW Steel (BOM:500228) reeled under losses in the early trades today.

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