Markets Trade In Red, Profit Booking In Progress
Suparna / 27 May 2014
The euphoria surrounding ‘Modinomics’ has finally sunk in and the nation will now be governed by the elected entities in the Modi-led NDA government, whose first major work haul would be to give a push to the stagnant Indian economy. After witnessing volatile trading yesterday, the markets trading on a negative note as investors booked profit at higher levels. At the current hour the Nifty index is lower by 72 points at 7284 and the Sensex is down by 274 points to trade at 24437 level. INR is trading at 58.80 against per USD.
The India markets opened in the positive zone but slipped into a negative sentiment after tracking weakness in the Asian region. As a result the Indices tanked Nifty down by 72 points at 7284 level and Sensex down by 274 points at 24437 level. Both the indices are trading down in the range of 1.14-1.05%.
The advance-decline ratio is flat and on the negative side in the morning session. On the NSE, 1401 shares are trading in gain and 2085 shares are down.
Top Nifty Gainers: HCL Tech is the top gainer for today’s morning session up by 2.51% followed by Wipro, Infosys, UltraTech Cement and Tech Mahindra.
Top Nifty Losers: GAIL is the top loser for today’s morning session down by 7.08% followed by BHEL, Sesa Sterlite, IDFC and ONGC.
On the sectorial view11 out of 13 sectors are trading in red. Metal sector was top loser in the morning session down by 363 points. Oil & Gas and Bankex were down by 340 points and 245 points respectively. Mid-Caps and Small-Caps are trading in negative by 241 points and 214 points. IT is showing some strength up by 116 points.
On the global front, the Asian shares are trading on negative sentiment. The Hang Seng market is top loser for today’s morning session down by 40 points. The KOSPI and the Straits Times trade on some negative note. Nikkei is up by 96 points.
Buzzers: GAIL India shares plunged by 7.41% and made a day’s low of Rs 377.65 on account of profit booking after reporting strong Q4 result.
Nifty support around 7250 level and now is trading around 7290.
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