Markets Trading On Weak Footing
Suparna / 25 Apr 2014
After a slightly positive opening Indian Markets slipped into the red zone, owing to a choppy trade in most of the Indices. The sixth phase polling for the Lok Sabha election was done yesterday, and the Economical capital of India saw an improved voter turnaround this time. At the present hour the Nifty index is trading negative by 11 points at 6829 and the BSE is down by 19 points at 22855.
The Indian stock markets trade volatile on a negative note as the global cues look unsupportive. The Nifty is currently trading with a negative bias of 11 points at 6829 and Sensex is down 19 points at 22855. Both indices opened lower in the range of 0.17%-0.10%.
The advance-decline ratio is on the positive side in the morning session. On the NSE, 1683 shares are trading in gains and 1677 shares are down.
Top 5 Nifty Gainers: DLF is the top gainer for today’s morning session, up by 2.89%, followed by M&M, NMDC, Jindal Steel and Dr Reddy’s Labs.
Top 5 Nifty Losers: Cairn India is down by 4.99% as of now. ACC, BPCL, Ambuja Cements and Asian Paints are also trading lower.
On sectoral front, 9 out of the 13 sectoral indices are trading in the green zone. Metals was the highest gainer, up by 119 points, followed by Bankex, up by 80 points and Auto, which has gained 56 points. Mid-Caps and Small-Caps are both are in green in the range of 20 points. Among those in the red, the Oil & Gas and FMCG indices were down by 135 points and 64 points respectively.
The Asian shares are reflecting a negative sentiment. The Hang Seng market is the top loser this morning, down by 305 points. Taiwan Index has also dipped by 167 points. Straits Times and KOSPI are also down.
Buzzer: Edelweiss Financial Services, stock opened at Rs 37.10 and slumped 5% to 52 week high of Rs 37.80 after the Board approves buyback at Rs 45.
The Nifty is trading at the 6864 level, 6850 will be a major support for further trading sessions.
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