Markets Weak, Holding Losses

The Indian markets are holding their morning losses and looking weak at this time. At present, both the indices are trading down by more than 1.25%. All the sectoral indices are trading in the red zone, except Heathcare, which continued to hold its morning gains. Metals, Power and Capital Goods are trading down more than 2.5% each.

Other Asian markets are also trading weak, with Shanghai and Hang Seng down almost 1% each, while Nikkei is trading lower by around 1.5%. This is on the back of disappointing US job creation data and over concerns on growth in the developed economies.

The European markets are closed on account of the Easter holidays.

Back home, Hindalco Industries is the leading index loser, down 3.87% to Rs 127.95. Other steel stocks like Jindal Steel and Sterlite Industries are also feeling the heat, trading lower by more than 3%. Auto stocks are also trading lower, with Mahindra & Mahindra, Tata Motors, Maruti Suzuki etc. trading in the red zone. Others like Tata Power, TCS, Wipro, etc. are trading marginally in the red zone. Realty major, DLF, is among the leading index gainers, up 1.49% to Rs 207.25. Other stocks like Cipla, Bajaj Auto, HUL, Wipro, etc. are trading marginally in the red zone.

The market breadth, which indicates the overall health of the market, is weak. A total of 1532 shares declined, 1060 shares gained and 122 shares remained unchanged.

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