Indices Open In Positive But Witness Nosedive Trade
Suparna / 15 Apr 2014
After a positive morning trade the Indian markets slipped in the negative zone in the mid session. At this point of hour the Nifty is trading below by 54 points at 6722 and the Sensex is lower by 183 points to trade at 22445. United Spirits is the top performer and is up by 11.45%.
After witnessing a positive opening in the morning trade, the indices saw a nosedive trade in mid-session as well. Most of the indices turned negative in current scenario. The Nifty is trading down by 54 points at 6722 and Sensex is trading 183 points lower at 22445. The indices have moved down in the range of .80%-.86%.
The advance-decline ratio is on the positive side at this hour. On the NSE, 1576 shares are in the green and 1802 shares are in red.
Top 5 Nifty Gainers: United Spirits is leading the gainers list, up by 11.45%. The other stocks trading higher include Wipro, TCS, Infosys and Bharti Airtel.
Top 5 Nifty Losers: Jindal Steel is down by 3.86% so far, followed by HDFC, DLF, Tata Motors and M&M.
Most of the sectoral indices saw negative trade in mid-session. Auto and Bankex are down by more than 150 points each. The Metals and Consumer Durables indices have both lost more than 100 points. However Mid-Caps and Small-Caps are trading in the negative territory. However IT saw some higher trade.
The Asian markets remained positive in mid-session as well. Nikkei is up by 86 points, whereas Straits Times market is up by 30 points, while Hang Seng, KOSPI and Shanghai Composite are trading in loss.
Buzzer: United Spirits has gain around 11.41 % on the bourses and made an intraday high of Rs 2940. The stock is trading above its major resistance level of Rs 1300. If it closes above this level, it may move more upside around to Rs1350/1370 in the next 3-4 trading sessions.
Nifty Futures has major support levels of 6730/3705. If it breaks these level may see more panic selling.
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