stock talk

Accordingly, the two key indices had a gap up opening in line with positive global cues . However, they have been trading flat in a range since opening levels. Besides, marginal profit booking decline in Pharma counters, all other sectors traded in the green out of which banking and realty space outperformed.

Around 10.50 am, Sensex was trading at 48,080.77, up by just 0.1 point from its previous close of 48,080.67. It opened at 47,863.81 and has touched an intra-day high of 48,125.57 and a low of 47,743.43 points.

Around 10.10 a.m., Sensex was trading at 48,233.17, higher by 283.75 points or 0.59 per cent from the previous close of 47,949.42. It opened 48,473.04 and has touched an intraday high of 48,478.34 and a low of 48,215.90 points.

Healthy buying activity was witnessed in banking and auto stocks. The indices have, however, declined from the intra-day highs. At around 11.25 a.m, Sensex was trading at 48,030.96, higher by 147.58 points or 0.31 per cent from its previous close of 47,883.38.

Health care and auto now trade in a reasonable range to their long period average (LPA) valuations, while technology, after the sharp run, trades at a 40 per cent premium to its LPA. Consumer goods still trade at a decent premium to its LPA, but this premium has shrunk in the last one-year.

In his research note titled 'Greed and Fear', Wood said, "Most notable to Greed & Fear was a 72 per cent and 38 per cent year-on-year increase in property sale registrations in Mumbai and Delhi last month, and 243 per cent and 70 per cent year-on-year so far in March due to the low base. Investors should look to add to cyclical stocks on weakness."