Markets Marginally In Red

The Indian markets are trading in a very narrow range. At present, both the indices are trading lower, marginally in the red zone. Among the sectors, Oil & Gas, Realty and Metals are trading lower, while FMCG and IT are trading marginally higher.

Other Asian markets are trading in a mixed bag. The Hang Seng and Nikkei are trading higher, while Shanghai is trading marginally negative.

The European markets have opened the early trade in the negative zone, with the 3 major indices trading lower in the range of 0.20%-0.30%.

Back home, Jindal Steel continues to trade lower, down 5.56% to Rs 556.60. Stocks like M&M, ICICI Bank and Maruti Suzuki are trading lower around 1%. Others like Infosys, Bharti Airtel and BHEL are trading lower, marginally in the red zone. On the other hand, Coal India continues to trade higher from its morning gains, up 3.82% to Rs 343.60. FMCG heavyweights, ITC and FMCG, are trading higher by 0.67% and 0.50% respectively. Other stocks like SBI, Tata Motors, Sun Pharma, etc. are trading marginally in the green.

Post market hours yesterday, the RBI tightened the norms on gold companies. The effect of this is seen in the gold companies' stocks, which plunged in the morning trade. Muthoot Finance and Manappuram Finance are trading down 9% and 16% respectively.

The market breadth, which indicates the overall health of the market, is weak. A total of 1550 shares declined, 1124 shares gained and 117 shares have remained unchanged.

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