Trades Move Downwards

The Indian indices began trades with mild gains and have now slipped to an intraday low. The Nifty is trading down by 6 points at 5996 and Sensex is at 19743.

The advance-decline ratio, which indicates the health of the market, is positive. On the NSE, 748 shares are trending up and 661 shares are trending down.

Top 5 NSE Gainers: Tata Motors is leading today gainers’ list on the NSE, up by 4.49%. Other gainers include Coal India, Mahindra & Mahindra, GAIL and Bharti Airtel.

Top 5 NSE Losers: BHEL is among the top losers on the NSE, trading lower by 1.99%, followed by Tata Consultancy, Tata Steel, ITC and UltraTech Cement.

7 of 13 the sectoral indices are in the green this afternoon. Auto and HC are trading up in the range of 0.56%-1.47%. FMGC and CD are witnessing selling pressure, and are lower between 0.70%-0.80%.

The Asian peers are trading on a mixed note. Nikkei is higher by 0.67%, and Hang Seng, Straits Times and Taiwan Weighted are also in gains. Kospi and Shanghai Composite are trading down in range of 0.03%-0.31%.

Buzzers: Bhushan Steel has registered a low of Rs 426.60 in today’s trades, and is currently down by 5.57% at Rs 457.50. The stock saw selling pressure after the company has announced a Rights Issue in the ratio of 1:15 at a price of Rs 335 per share, through which it is planning to raise Rs 474 crore.

GVK Power and Infrastructure is trading up by 6.62% at an intraday high of Rs 15.40. The stock has surged after foreign research firm JP Morgan upgraded the stock to overweight with a target price of Rs 19.

As we mentioned previously, the Nifty will face resistance at 6020. Going ahead, it should hold the 5970 levels.