Trades In Red, ITC Drags Markets

The Indian markets opened their trades in the negative territory, and are trading in the red zone at present. Both the broader indices are trading lower by almost 0.20%. Among the sectoral indices, Metals and FMCG are down by over 1% each. IT, Teck and Consumer Durables are also trading negative. Auto, Capital Goods and Realty, however, are in some gains.

The other Asian markets are trading in a mixed bag, with the Hang Seng and Nikkei up by 0.18% and 1.54% respectively, while Shanghai is trading lower by 0.13%. Media reports said that  the Japanese stocks have caught a tailwind from a weakened yen to lead the Asian markets. Strong earnings reported by the internet firm Tencent Holdings and computer maker Lenovo Group aided the Hong Kong shares.

Back home, FMCG major ITC is the leading index loser, dragging the markets down. The stock is currently trading 2.18% down at Rs 261.90. The Metals stocks have also lost their sheen, with Sterlite Industries, Jindal Steel, Hindalco and Tata Steel trading lower in the range of 1.20%-1.70%. The IT pack trading lower too, with stocks like Wipro, Infosys and TCS taking losses between 1.66%-0.43%. Other stocks like Sun Pharma, Maruti Suzuki and HUL are also trading with minimal losses.

Hero MotoCorp is the leading index gainer, trading higher by 2.71% at Rs 1930. Other stocks like Cipla, Tata Motors, M&M are trading with over 1% gains. Stocks like Bharti Airtel, BHEL, ICICI Bank, etc. remain marginally in the green zone.

A small company named Jupiter Infomedia got listed on the exchange today. The shares were issued at a fixed price band of Rs 20 (per share) and the price opened at Rs 22 per share, which is a 10% gain on listing. However it has given up some of its listing gains, and is trading at Rs 21.20 per share at present.

The market breadth, which indicates the overall health of the market, is strong as of now. On the BSE, 1133 shares advanced, 1028 shares have declined and 125 shares are unchanged.