Markets down 0.5%

Amid the volatility and near month derivative expiries, the Indian markets have slipped down by 0.5% this afternoon. Nifty is currently trading at 5474, while the BSE Sensex is at 18056. As we expected, Sterlite Industries has further shed a few points. A total 19 Sensex stocks are currently trading in negatives, indicating a negative sentiment in the market.

The Asian markets also have nothing promising to speak of. The Hang Seng closed in negatives, while Nikkei and Shanghai were marginally positive while closing.

The European markets opened volatile today. The CAC and DAX are trading in negatives, while FTSE is trading flat.

Among the sectoral indices, FMCG, Oil & Gas, Power and IT are trading positive, while all the other indices are in the negatives. The Realty, Metals and Auto indices are down by over 1% each.

With a negative sentiment downplaying the market, the major stocks are all trading in negatives. Sterlite is down by 5%. DLF, Hero MotoCorp, L&T and Bharti Airtel are down by over 2% each. M&M, Jindal Steel, Hindalco, ICICI Bank, Cipla, Maruti Suzuki, Tata Steel and Tata Power are also down by over 1% each. On the gainers list are Hindustan Unilever, SBI, BHEL, RIL, Infosys, Coal India, ITC and Wipro.

Pharma major, Lupin, has announced its settlement with global pharma companies, and on the back of this the stock is up by 1.53% at this time. Ranbaxy and Lanco Infra have retained their morning gains. On the other hand, Reliance Capital, IFCI, HDIL, Jaiprakash Associates, GMR Infra and Havells India all have lost over 5%.

The market breadth, which indicates the overall health of the market, is very negative. Out of a total of 3080 stocks, 825 stocks advanced, 2153 stocks declined and 102 stocks remained unchanged.

In our opinion, the markets will persist with their volatility ahead in the day.