Markets Trading Soft, Reliance Industries Shines

After a strong two-day rally, the Indian markets opened marginally soft on the back of weak global cues and profit booking. The Nifty opened at 6049, touched a high of 6052.85 and a low of 6038, and is currently trading flat. The Sensex opened at 19978.19, saw a high of 19998.92 and a low of 19950.13, and is now trading with marginal gains.

The advance-decline ratio is strong in the morning trading session. On the NSE, 618 shares have advanced and 594 shares have declined.

Top 5 NSE Gainers: Reliance Industries is the top gainer on the NSE, trading up by 2.07%, followed by Dr Reddy’s Labs, Ranbaxy Labs, Bajaj Auto and Lupin.

Top 5 NSE Losers: Tata Motors is among the top losers at this hour, lower by 2.25%. Others in the list are DLF, Tata Consultancy, Mahindra & Mahindra and Jaiprakash Associates.

4 out of the 13 sectoral indices are trading firm in the morning trading session. Oil & Gas is higher by 1.06% on reports that the government has hiked petrol prices. Auto and IT are amongst the top losers.

Most of Asian markets are trading lower. Straits Times and KOSPI are in the green. Nikkei is trading down by 1.90%, followed by Shanghai Composite and Hang Seng.

Buzzers: D C Holdings is locked in the lower circuit of 4.88% at Rs 6.82. The stock has witnessed selling pressure on reports that the NSE will suspend trading in this stock from Jan 23, 2013.

Reliance Industries has surged up by more than 2%. The stock has registered an intraday high of Rs 866.95, a low of Rs 846.05 and is now trading at Rs 865. It has gained after brokerage firm Nomura increased its price target on the stock to Rs 1000, a 16% upside from the current levels and CLSA has raised its target on the stock to Rs 930.

The Nifty has strong support at 6020, and as long as it holds this in today’s trade, every dip will be a buying opportunity.