Mid-Day market watch on May 02, 2016 & Five Buzzing Stocks

May 2016 started off on a weaker note for the Indian stock markets. Both Nifty and Sensex opened on a negative note, dragged down by ICICI Bank. Nifty hit below 7800 mark while the Sensex has shed 200 plus points and has hit below 25400 mark. All in all the markets have reported their third consecutive intraday fall.

Market breadth remains negative with 973 advances; and 1158 declines. Broader markets, specifically Midcap segment remains marginally positive and thereby is outperforming the benchmark indices.

Banking sector is dragging the markets downwards with ICICI Bank tumbling the most at 4.4 per cent losses. IT sector follows with 0.9 per cent losses. Metal sector witnessed a gradual upside and is trading against the Nifty with 0.55 per cent gains. Hindalco and Vedanta are supporting the Metal sector to trade in green.

Top Nifty Gainers:

After Hindalco, Pharma majors Cipla and Auropharma grab the top position and have surged more than a per cent each. ONGC and Yes Bank follow with just 0.7 per cent gains.

Top Nifty Losers:

ICICI Bank continues falling and has tumbled the most with 4.4 per cent losses. Dr Reddy's and Adani Ports follow with 2.1 per cent losses each. Tech Mahindra and ACC are the next top losers.

Asian markets continued to slide on Monday where Nikkei 225 hit below 3.6 per cent after initially tumbling more than 4 per cent in the morning trade. Discontent from Bank of Japan continues to weigh heavily on the markets. Yen surged against the Dollar and has hit the exporters who gain in Yen terms.

Nifty hit below 7825 mark. If Nifty maintains below 7825 on a closing basis we hold 7778-7780 as our resistance turned support followed by 7720 levels which is a gap filling level on daily charts. On the other hand 7860 followed by 7885 will act as the resistances in case Nifty recovers from here.

THE FIVE BUZZERS

Hours since the markets opened today, after a careful observation of stocks' movements and analysis, we find these below mentioned stocks worth watching during rest half of the day.

A) Mahindra & Mahindra: Company’s April total auto sales grew 14 per cent to 21386 units. The stock will be in focus for rest of the trading session.

B) Interglobe Aviation: Stock tanked 6 per cent after it posted a muted result where Net Profits remained flat at nearly Rs 580 crores. The stock will be in focus for rest of the trading session.

C) Navin Fluorine International: Stock surged 17.5 per cent after posting healthy Q4 numbers, where company’s Net Profit rose 90 per cent to Rs 31.5 crores. The stock remained in limelight since morning session.

D) Jyoti Structures: The stock gained 16 per cent after its subsidiary, Africa Pty grabbed a contract for turnkey construction of 400/132 kv multiple circuit transmission lines in Africa. One of the best performers in Power sector today.

E) HDFC: HDFC has quarterly earnings result today, a major stock to be watched out for.