Mid-Day market watch on May 04, 2016

The benchmark indices started on a weaker note in the wake of a heavy sell-off in the last trading day closing session. However indices have recouped these heavy losses. Although they are still trading negatively, the Bankex bounced back while Mid-Caps and Small-Caps were trading below their crucial supports. At the moment, the Sensex is trading lower by 16 points at 25212 and the Nifty by 6 points at 7740. The indices are seen trading lower by more than 0.07% each.

On the NSE, the advance-decline ratio is still on the negative side with 811 advances and 1373 declines.

Top Nifty Gainers: HDFC is leading the gainers' list so far and is up by 3.2%. It is followed by GAIL, NTPC, HCL Tech and Kotak Mahindra.

Top Nifty Losers: Adani Ports is leading the losers list so far and is down by 9.7%. It is followed by Tata Motors, Tata Steel, Hindalco and Tata Motors DVR.

Most of the sectors struggle to regain from the heavy depreciation seen this morning. But yet, 13 out of the 13 sectoral indices are trading with losses. Auto and Metals were the top loser, trading lower more than 200 points each. It is followed by Mid-Caps and Small-Caps, which are down by 50 points and 36 points respectively. Bankex, Capital Goods, Healthcare, IT and Consumer Durables also tumbled in this negative scenario and are trading at lower note.

The Asian markets continued to be weighed upon by selling pressure. The Hang Seng was down by 184 points. It was followed by the Nikkei which had shed 518 points. The Straits Times and KOSPI were trading with nominal losses.

Nifty slipped well below our mentioned supports at 7780 mark. Nifty also broke the 7720 levels support which was the gap filling phenomenon of the prior upside rally. Now we hold 7700 as our next support followed by 7640 which is the 50EMA support. On the upside 7750 followed by 7820 as our resistances. 

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) Speciality Restaurants: Stock tumbled 4 per cent after it announced temporary suspension of operations at Sigree Global Grill, Bengaluru restaurant.

B) IFCI: Company advanced 3 per cent after company declared 3.05 per cent stake sale in NSE. The stock to remain in focus for today.

C) MEP Infra: Company received Letter of Acceptance from National Highway Authority of India. Stock rose 6 per cent.

D) Adani Ports and Special Economic Zone:  APSEZ slipped 12 per cent after company said it was likely to seek shareholders nod for raising up to Rs 10,000 crore by issue of shares

E) Jindal Steel/Adani Ent.: Jindal Steel and Adani Enterprises have quarterly earnings result today, a major stock to be watched out for.