Markets Turn Red

The Indian markets opened higher in early trades but soon gave up on those gains. They are trading in the negative with the Sensex and the Nifty currently down by 0.09 and 0.05 per cent respectively.

Among sectoral Indices, the FMCG Index looks to be the worst performer at this hour, as it is trading down by almost 2 per cent. Among others Consumer Durables and Capital Goods are also trading lower by 0.51 and 0.21 per cent respectively. On the other hand, the Auto Index is trading up by more than a per cent along with the Realty, Bankex, and the Healthcare Index.

Other Asian markets are trading mixed with the Hang Seng almost unchanged, while the Shanghai Composite is currently trading lower by 0.69 per cent. The Japanese Nikkei is up 1.78 per cent to the levels of 9754. According to a Bloomberg report, Japanese exporters advanced, as the yen weakened to as low as 83.49 per dollar, the least since March 20, 2012. 

Back home, FMCG heavyweights, ITC and HUL are the worst performers trading down 3.07 and 1.35 per cent respectively and are dragging the overall market southwards. Among other stocks which are trading lower, include ONGC, L&T, NTPC and Infosys. 

On the other hand Tata Motors is emerging to be a leading Index gainer today, trading higher by as much as 3.82 per cent at Rs 287. Banking stocks are also trading higher, with  ICICI Bank, HDFC Bank and SBI up in the range of 0.22 to 1.1 per cent. Other stocks like RIL, Sun Pharma, Tata Power, M&M and HDFC are among those that are trading in the positive territory.

The market breadth, which indicates the overall health of the market, is strong. On the BSE, 1205 shares advanced, while 1013 shares have declined, 112 shares are unchanged.

We expect the markets to remain volatile for the day and advice caution.