Trades Dip On Weak Cues

The Indian equity indices started on a flat note with a negative bias on the back of weak cues from their Asian peers. The Nifty opened at 5983.45, touched a high of 5990.65 and a low of 5973, and is currently trading down by 5 points at 5984. The Sensex opened at 19681.38, saw a high of 19,710.74 and a low of 19,652.82, and is trading down by 5 points at 19687. Both indices are down in the range of 0.02%-0.08%.

The market breadth, though, is on the positive side in the morning trading session. On the NSE, 739 shares have advanced and 528 shares have declined.

Top 5 NSE Gainers: Sun Pharma Industries is the top gainer on the NSE, trading up by 1.89%, followed by Reliance Infrastructure, SBI, ACC and Lupin.

Top 5 NSE Losers: Infosys is among the strongest losers, lower by 1.40%. Others include L&T, Tata Steel, IDFC and ONGC.

6 out of the 13 sectoral indices are in the green at this hour of trade. HC and Auto are the top performing sectors, up by 0.42%-0.86%.

The Asian markets are trading in the red. Nikkei 225 is trading down by 1.13%, as are Taiwan Weighted, KOSPI, Hang Seng and Shanghai Composite.

Buzzers: Marico registered a high of Rs 238.50 and a low of Rs 229, and is currently trading up by 4.13% at Rs 236.80. The stock gained on reports of its board approving the restructuring plans.

Shanthi Gears is trading higher by 7.58% at Rs 68.10. The stock has witnessed a spike in prices and volumes in the early hour of trade. Its 5-days’ average volumes are 68583 and today’s volume stand at 461028, witnessing a seen jump of more than 500%.

We expect the Nifty to consolidate in the range of 5930-6015.