Markets Open In Red

The Indian markets, which saw a good up-move yesterday, have given up some of their gains in the early trades today. They are currently trading lower in the negative territory, awaiting the key results announcements of major companies. Companies like ITC, TCS, L&T Finance, Strides Arcolab and Zee Entertainment would be announcing their results later in the day.

Among the sectors, Capital Goods, Oil & Gas, Metals, etc. are trading lower. Consumer Durables, Healthcare and IT are the only indices that are currently in the green.

In the other Asian markets, Hang Seng and Nikkei are trading marginally higher by 0.18% and 0.17% respectively. Shanghai, though, is trading lower by 0.09%. Reports said that technology shares have dropped after dismal earnings for Microsoft Corp. and Google Inc. The Yen slid for the seventh consecutive day, its longest losing streak since Apr 2011.

Back home, Tata Power is witnessing some profit booking and is the leading index loser, down by 1.26% at Rs 105.60. Bharti Airtel, M&M, Jindal Steel, HUL and L&T are also trading lower. Stocks like ONGC, Tata Steel, Maruti Suzuki, BHEL, etc. are trading negative.

On the flip side, Dr Reddy’s Labs is the highest gainer as of now, up 0.84% at Rs 1708 per share. IT names like Infosys and Wipro are trying to hold the market, trading higher by 0.51% and 0.65% respectively. Other stocks like ITC, ICICI Bank and Tata Motors are marginally positive.

The market breadth, which indicates the overall health of the market, is strong. On the BSE, 1266 shares have advanced, 959 have declined and 101 shares remain unchanged.