Markets trading weak, holding losses

The Indian markets continued trading weak in a very narrow range in the red zone. At present, both the indices are trading down 0.30%. Among the sectors, Oil & Gas, Metals and Teck are trading in the red zone, while Realty is leading, up by 1.79%. Other indices like Consumer Durables, Auto and Power are trading higher.

Other Asian markets are trading in a mixed bag, with Hang Seng and Nikkei down by 0.77% and 0.15% respectively and Shanghai trading marginally in the green zone, up 0.09%.

The European markets have opened in the green, with CAC, DAX and FTSE trading higher by 0.46%, 0.53% and 0.27% respectively.

Back home, Hindalco continues to be the leading index loser, down 5.69% to Rs 151.70. Bharti Airtel extended yesterday’s losses after reporting dismal Q3 numbers. The stock currently is down 2.18% to Rs 346.30. RIL, Tata Steel and ONGC are trading down more than 2%. Sterlite Industries, Maruti Suzuki, TCS, SBI and HDFC are some of the stocks that are trading marginally in the red zone. On the other hand, Bajaj Auto continues to be the lead index gainer, up 1.91% to Rs 1678. Other stocks like HDFC Bank, Tata Motors, Tata Power and NTPC are trading higher by more than 1%. ICICI Bank, Cipla, Coal India, Infosys, etc. are trading marginally in the green zone.

Greaves Cotton is up by 14.42% to Rs 94, after the announcement that it sold land in Chennai for a consideration of Rs 80 cr. PVR is trading flat, up 0.03% to Rs 144 after the news that the company has opened a multiplex at Howrah. CEAT is trading higher by 3.67% to Rs 89, after the board approved the company's plans for setting up new unit in Bangladesh.

The market breadth, which indicates the overall health of the market, is strong. A total of 1616 shares gained, 1069 shares declined and 119 shares remained unchanged.

We expect the markets to remain volatile for the rest of the day and advise readers to play with caution.