Index Range-Bound, Banks Weak

The Indian markets witnessed trading in a tight range in today’s session. The same scenario was seen in the currency segment, wherein the -INR was seen trading at around 64 to the dollar. The Nifty closed on a lower note down by 24 points at 8564 and the Sensex also closed in the red down by 61 points at 28236. The indices are trading on a negative note between 0.22-0.28 percent.

The advance-decline ratio is on the negative side. On the NSE, 1382 shares are in the green and 1541 shares are in the red.

Top 5 Nifty Gainers: ONGC is leading the gainers list so far and is trading higher by 4.3%. Tata Motors, Vedanta, BPCL and Grasim are among other gainers.

Top 5 Nifty Losers: BHEL is leading the losers list thus far and is trading lower by 5.7% followed by Coal India, SBI, Bank Of Baroda and Asian Paints.

In the closing market session, 10 out of the 13 sectors were seen trading in the red zone. Bankex saw the some deep moves by 161 points. This was followed by Capital Goods, Healthcare and Metals down in the range of 60-80 points respectively. Mid-caps and small-caps also were closed in downward territory.

Majority of the Asian markets are trading on a positive note since morning. Hang Seng is the top gainer so far and has appreciated by 177 points. The Nikkei ended on a higher note up by 60 points. The Shanghai Composite and Straits Times were also closed on a positive note.

Buzzer: ONGC surged by 4.3% because of the possibility of major short covering. The stock broke its first resistance of Rs 280 per share. If it sustains its current levels, we may see trade at around Rs 300 in next few sessions.

The Nifty future is struggling to hold the 8600 level. Going ahead, 8540/8490 will be the immediate support levels.