Markets Give Up Early Gains

After opening up by 1% in the morning trades, the Indian markets have lost all their gains and are currently trading on a negative note. The Sensex and Nifty are down by 0.15% and 0.08% respectively. Earlier, the markets had bounced back after weak trading sessions in the previous two days. However, with no positive news coming in, they are now trading flat. All the sectors are in the positive though, except for IT, which is marginally down by 0.12%. Of the major index gainers, Oil & Gas, CG and Bankex are trading with gains of 0.86%, 0.71% and 0.66% respectively.

Other Asian markets are trading on a mixed note. Nikkei is trading down by 0.36%, Hang Seng is down by 0.62%, but Shanghai is trading flat, up by 0.07%. As mentioned earlier, weak trade data from China has raised concerns over the growth of the economy. Further, the worries on Greece are persisting and have made the sentiments weak.

The European markets opened on a mixed note today after witnessing a four-month low in the previous session. Of the major indices, FTSE and CAC, are down by 0.11% and 0.54% respectively, while DAX is up by 0.22%.

Back home, Maruti Suzuki is the highest loser on the 30-share Sensex, down 2.60% to Rs 1268. Coal India, GAIL, Hindalco, SBI and Sterlite Industries are trading lower by 1.01%, 0.59%, 0.92%, 1.73% and 0.26% respectively.

Among the major gainers, Bajaj Auto is up by 1.54% after falling sharply in the past one week. Oil & Gas heavyweight, Reliance Industries, is trading up by 0.56% at Rs 699.70. Other stocks like Tata Steel, Infosys, DLF, ITC, HUL, TCS, etc. are trading higher in the range of 0.33%-1.73%. Bharti Airtel, BHEL and Cipla are also up by 0.42%, 1.55% and 1.30% respectively.

The market breadth, which indicates the overall health of the market, is weak. On the BSE, 1315 shares declined, 1221 shares rose and 134 shares remained unchanged.

We expect the markets to remain volatile for the rest of the day on the back of weak global sentiments and the poor earnings season.