Markets Open In Negatives

The Indian markets have opened in negatives today, cutting half of yesterdays earnings. The benchmark Sensex and Nifty indices are trading down by 0.4% each.

Earlier, the other Asian as well as the US markets closed in losses, giving negative cues to the markets.

The Hang Seng and Shanghai indices will remain closed today. Nikkei, which opened in the negative this morning, is now closed with 1.54% losses.

Among the sectoral indices, the CD index is up by 1.17%. Power is also up after the Presidential directive to Coal India. The index may further increase today and can emerge as the top gainer (index). The IT and Teck indices are also marginally up. All the others are trading in negatives. Realty is the top loser, with negative 1% gains.

From the Sensex stocks, Tata Power has emerged as the top gainer with 2.57% gains. Maruti Suzuki is also up 1.73% at this hour. After taking a heavy beating in the last month, BHEL is up by 1.70% as the company reported growth in its net profit in yesterday’s flash results. The state-owned NTPC and ONGC are also marginally up. GAIL India, on the other hand, is down by 2.6%. Jindal Steel has also lost 2.03%. Of the defensive stocks, Sun Pharma and Cipla are down by over 1% each. HUL and ITC are also both down by about 0.7%.

In other stock news, the CFO of Suzlon Energy has quit the firm. There are now speculations about the nearing FCCB redemption. The scrip is down 0.97%, and may see a further downward journey.

The shares of CRISIL have attained a new peak with a gain of 57 points in the morning hours. Pantaloon Retail has further gone up by 3.29%. The shares of Adani Power have also shot up 3.20%, while those of JSW Energy are up 2.2%.

The market breadth, which indicates the overall health of the market, is positive. Out of a total of 2216 stocks, 1138 stocks advanced and 979 stocks declined. 99 stocks remained unchanged.

We expect the market to remain volatile today.