Market Makes Slow and Steady Start

After a positive opening, the Indian market is trading in a narrow range. In the morning trading session, the Nifty was trading at 5865 and Sensex was at 19,296. Both Nifty and Sensex are higher in range of 0.15%-0.23%.

The Nifty, after opening at 5865, touched a high of 5870.65 and a low of 5859.55. The Sensex opened at 19,302.47, touching a high of 19,321.41 and a low of 19,274.07.

The market breadth is strong as of now. On the NSE, 796 shares have advanced and 413 have declined.

Top 5 NSE Gainers: Jaiprakash Associates is the top gainer on the NSE, up by 1.67%, followed by Bharti Airtel, Jindal Steel and Power, Sun Pharma and Asian Paints.

Top 5 NSE Losers: Wipro is the highest loser so far, trading lower by 0.91%, followed by Kotak Mahindra Bank, Hero MotoCorp, Hindustan Unilever and Infosys.

11 out of 13 sectoral indices are trading higher as of now. Realty, CD and CG are among the best performing sectors in the morning trading session, up in the range of 0.85%-1.05%. FMCG and IT are trading in the negative zone, lower by 0.10%-0.20%.

The Asian markets are trading positive. Nikkei 225 is the top gainer, trading up by 0.70% at 10,151.40, followed by KOSPI, Strait Times, Hang Seng and Taiwan Weighted. Shanghai Composite is in the negative zone, down by 0.25% at 2208.11

Buzzers: Binani Industries has gained 9.68% to touch Rs 144. The counter has seen a huge jump in volumes. Today’s volumes figure is 5,39,215 as compared to it 5-day average volumes, which stands at 53,543. At its meeting held of 24th December, 2012, the company’s Board of Directors has approved ‘in-principle’ to divest its holding in Binani Cement, a subsidiary of the company, up to 40% of the paid-up share capital of the latter.

We expect the Nifty to see muted trades ahead in the day. The index would trade in a narrow range of 5840-5890, as there is no major trigger and tomorrow is expiry day. The resistance would be at 5875-5890 and support would be at 5840-5820.