Nifty Facing Hurdle At 6000

The benchmark indices for Indian equities have shed the gains made in the opening session. The Nifty is currently trading flat with a positive bias near the 6000 levels, but is facing resistance in the zone of 6010-6015. The Sensex is up by 27 points at 19,740. Both indices are higher in the range of 0.12%-0.13%.

The market breadth is on the positive side. On the NSE, 887 shares have advanced and 525 shares have declined.

Top 5 NSE Gainers: Dr Reddy’s Labs continues to remain strong and is now trading up by 2.72% on the NSE. This is followed by Cairn India, Ambuja Cements, Bharti Airtel and ONGC.

Top 5 NSE Losers: Tata Power is among the top losers, down by 1.61%, followed by Punjab National Bank, Hindalco Industries, Sun Pharma and Jindal Steel and Power.

6 out of 13 sectoral indices are trading positive in the afternoon session. TECk and IT are seeing the highest gains among them, up in the range of 0.66%-0.77%.

Most of Asian markets are in the green. The Taiwan index has extended its morning gains and is currently up by 0.74%. Straits Times is higher by up by 0.36% and Hang Seng by 0.14%. Kospi still remains in the negatives.

Buzzers: Dr Reddy’s Labs has hit a high of Rs 1891.50 and a low of Rs 1841.10. The stock is trading up by 2.72%. It has surged after the company said that it has launched Finasteride tablets (1 mg), a bioequivalent generic version of Propecia in the US market.

SSWL touched an intraday high of Rs 209.80 and a low of Rs 187.40. It is trading up by 9% at Rs 204.50 as of now. The stock has witnessed a spurt in volumes as well as prices. Its 5-days’ average volumes stand at 7711, whereas today’s volumes are at 134111, a jump of more than 1600%.

The Nifty is facing selling pressure around 6015-6020. Going ahead, the index needs to hold the 5065 level.