Indices Lower On Profit Booking

The Indian markets had a slow start in the morning trading session, and after a strong run-up, are now witnessing profit booking. The Nifty is trading down by 21 points at 6035 and Sensex is 48 points lower at 19938.74. Both indices are trading down in the range of 0.25%-0.36%.

The advance-decline ratio turned into the negative zone in the afternoon. On the NSE, 904 shares are trading in the red and 487 shares are in the green.

Top 5 NSE Gainers: Reliance Industries is still trading strongly up by 2.38%, followed by HCL Technologies, Dr Reddy’s Labs, Ranbaxy Labs and Bajaj Auto.

Top 5 NSE Losers: Jaiprakash Associates is among the top losers so far, down 2.39%. Other losers include Tata Motors, Mahindra & Mahindra, Hindalco Industries and IDFC.

5 of the 13 sectoral indices are trading firm as of now. Oil & Gas and HC are the top performing sectors, up by 0.45%-1.05%. Auto, Bankex, IT and TECk are witnessing some profit booking, trading lower between 0.80%-1.25%.

The Asian markets are also trading in negatives. Nikkei 225 down by 2.63%, Shanghai Composite is down 0.98%, Taiwan Weighted has dropped 0.84% and Hang Seng is lower by 0.43%.

Buzzers: Orient Refractories has surged as much as 8% to touch an intraday high of Rs 39.60. It surged on reports that the promoters have decided to sell stake in the company. The stock has seen a jump of more than 1000% in its volumes today as compared to its 5-day average volumes.

Aseem Global is locked in 10% upper circuit of Rs 65, extending its previous day’s 10% rally. The company is in an advanced stage of talk with overseas investors for a technological and financial joint venture for its new plant.

The Nifty is witnessing profit booking. The bulls need to hold the levels of 6020 and 5990 on a closing basis for the index to resume its uptrend.