Trades Muted, Oil & Gas Index Burns Bright

The benchmark indices for the Indian equity markets saw a good up-move in the first hour of trade lead by the heavyweights. The Nifty and Sensex are currently trading in a band of 10 points. The two indices are trading up in range of 0.47%-0.50%, with Nifty up by 27 points at 5897 and Sensex gaining 89 points to touch 19,413.

The market breadth continues to remain positive in the afternoon trading session. On the NSE, 802 shares have advanced and 570 shares have declined.

Top 5 NSE Gainers: BPCL continues to lead the gainers list, up by 3.69%. It is followed by ONGC, Reliance Industries, Infosys and Maruti Suzuki India.

Top 5 NSE Losers: Axis Bank is among the top losers, down 0.76%. Mahindra & Mahindra, Jindal Steel & Power, Tata Steel and HDFC Bank are also trading lower.

11 out of 13 sectoral indices are trading in the green as of now. Oil & Gas, IT and PSU are the best performing sectors, all up between 0.85%-2.15%. The Bankex and Realty indices are witnessing selling pressure, trading lower in range of 0.23%-0.27%.

The cues from the Asian markets are extremely positive, with all the indices in gains. China’s Shanghai Composite is trading up by 1.22%, the Nikkei 225 is higher by 0.69% at 10,395.18 and Taiwan has gained 0.66%.

Buzzers: Suzlon is trading higher by 8% after foreign institutional investor Morgan Stanley Mauritius Company acquired more than 30 million shares of former from its promoter via an open market transaction.

La Opala RG is trading up by 11% as of now. The stock touched its new 52-week high in today’s trading session, registering an intraday high of Rs 284.65 and a low of Rs 246.10. The counter has clocked volumes of 2,46,000 shares as compared to 10,786 shares in the last trading session.

We expect the market to consolidate in the range of 5820-5945.