Nifty Drifts Downwards After Strong Start

After trading firm in the early morning trades, the Indian shares witnessed profit booking in the afternoon session. The Nifty is trading down by 4 points at 5964 and Sensex is higher at 19699. The Nifty is trading down by 0.08% and Sensex is 0.19% up.

The advance-decline ratio is weak in the afternoon session trade. On the NSE, 395 shares are trending up and 1025 shares are down.

Top 5 NSE Gainers: Infosys is extending its morning gains and continues to lead the gainers list, currently trading up by 15.39%. Others include Wipro, Tata Consultancy, HCL Technologies and Sesa Goa.

Top 5 NSE Losers: Hindustan Unilever is among the top losers so far, lower by 2.77%. It is followed by Reliance Infrastructure, IDFC, ONGC and ITC.

3 of the 13 sectoral indices are trading in the green as of now. IT and TECk continue to hold firm on the back of strong numbers posted by Infosys. Both the sectors are up in the range of 8.63%-6.03%. FMGC and Oil & Gas are under selling pressure, lower by 1.25%-2.02%.

Most of the Asian markets are trading in negatives. The Nikkei is trading firmly up by 1.38%. Shanghai Composite is down 1.81%, followed by Hang Seng and Straits Times.

Buzzers: Scooters India has tanked by 5%. The stock is locked in the lower circuit at Rs 40.25 on reports that the government has deferred the revival plan for the company.

CMC has registered an intraday high of Rs 1349 and a low of Rs 1287. It is trading up by 4.14%. The stock has witnessed a sharp jump in volumes in today’s trade, reaching 133089.

The market is facing selling pressure at the higher levels. The support levels for Nifty are at 5950 and 5930.