Markets Trading Dull, HCL Technologies Surges 5%

The Indian market started on a flat note and picked momentum thereafter. The Nifty opened at 6001.25, touched a high of 6023.70 and a low of 5988.10, and is currently trading up by 9 points at 6011. The Sensex opened at 19846.42, made a high of 19889.98 and a low of 19783.41, and is now up by 35 points at 19852.

The market breadth is looking strong in the morning session. On the NSE, 745 shares have advanced and 489 shares have declined.

Top 5 NSE Gainers: HCL Technologies is the top gainer on the NSE, trading up by 6.37%, followed by Wipro, Tata Motors, DLF and Bharat Petroleum.

Top 5 NSE Losers: Hindalco Industries is leading the losers’ list, lower by 2.11%. Others include ACC, Jindal Steel and Power, Reliance Infrastructure and Hero MotoCorp.

8 out of the 13 sectoral indices are trading firm as of now. IT and Realty are the top gainers, trading up by 1%-1.35%. Metal and CG are amongst the strongest losers.

The Asian markets are currently trading in the red. Nikkei 225 is trading lower by 1.34% followed by Shanghai Composite down by 1.12%, Taiwan Weighted down by 1.08% and Hang Seng trading 0.37% lower.

Buzzers: India’s fourth-largest software services provider, HCL Technologies, beat the street estimates with a 68.4% jump in quarterly profits. The stock has rallied more than 5%, now trading at Rs 714.50.

Gujarat Ambuja Exports has surged up by more than 4% and is now trading at Rs 27.65. The stock’s 5-days’ average volumes stand at 23004 whereas today’s stock volumes so far are at 146752, marking a jump of more than 500%.

Going ahead, we expect the market to trade in the range of 5975-6037.