Indices Struggles, PSU Banks Shine

The Indian markets witnessed trading in a tight range during the mid-market session. The same scenario was seen in the currency segment, wherein the -INR was seen trading at around 63.65 to the dollar. The Nifty is trading up by 31 points at 8384 and the Sensex is up by 85 points at 27816. The indices are trading on a positive note between 0.31& 0.38 per cent.

The advance-decline ratio is on the positive side. On the NSE, 1366 shares are in the green and 1149 shares are in the red.

Top 5 Nifty Gainers: Coal India is leading the gainers list so far and is trading higher by 4.67%. PNB, Ultra Tech, Bank Of Baroda and Cipla are among other gainers.

Top 5 Nifty Losers: Lupin is leading the losers list so far and is trading lower by 1.77%. It is followed by Sun Pharma, Dr. Reddy’s Lab, Cipla and GAIL.

In the mid-market session, 10 out of the 13 sectors are seen trading in the green zone. Capital Goods have seen the highest gains and are trading higher by 249 points.  Metals and Banks were up by 170 points and 88 points respectively. Mid-caps and small-caps also were both up by about 25 points each.

All the Asian markets are trading on a positive note since morning. The Nikkei index is the top gainer so far and has up by 381 points. The Hang Seng is trading higher by 252 points. The Straits Times and KOSPI were also trading on a positive note.

Buzzer: Coal India surged by 4 per cent on back of short covering. The stock broke its first resistance of Rs 415 per share. If it sustains at current levels, we may see it at around Rs 420 per share at closing.

The Nifty future is struggling to break the 8400 level. If it closes above 8420, we can see more upside.