Markets trade in the red; Bankex, CG, Metals, Realty down

As mentioned in our morning update, the markets opened in the negative territory. At present, both the indices are trading in the red, with the Sensex down 94 points at 15780 and the Nifty down by 33 points at 4717. All the sectors are trading in the red zone, except IT, which is marginally in the green. Bankex, Capital Goods, Metals and Realty are among the worst performing sectors on the bourses today.

The other Asian markets are trading in the red. Hang Seng opened in the red, down 0.67% after a 2-day holiday. The Shanghai and Nikkei are also trading in the red, down 0.66% and 0.09% respectively.

Back home, Jindal Steel and L&T are among the top index losers, both down by 1.76%. In banking space, SBI and ICICI Bank are both trading weak, down by 1.65% and 1.63% respectively. On the other hand, HDFC Bank is trading marginally in the red, down 0.28% to Rs 438.35. In the Metals pack, stocks of companies including Hindalco, Tata Steel and Sterlite Industries, are down in the range of 0.99%-1.59%. Others in the losers list include Bajaj Auto, Tata Motors, Coal India and ITC, all of which are trading marginally in the red zone.

The index gainers list includes stocks like NTPC, TCS, Hero MotoCorp and Infosys, which are trading marginally in the green zone.

The shares of Adani Power are trading at new low, down 3.65% to Rs 64.75, after the company said that it may hold its capacity expansion plans on the back of coal shortage. Tata Power surged 2.27% higher to Rs 92.30 after the news that it would buy out BP Holdings' 51% stake in the JV, Tata BP Solar, for an undisclosed amount.

The market breadth, which indicates the overall health of the market, is weak. On the BSE, 1050 shares fell, 859 shares rose and 77 shares remained unchanged.

We expect the market to remain volatile for the day.