Markets Slide Down

The Indian markets had a weak opening in the morning trading session on account of weak global cues. Nifty is trading down by 31 points at 5955 and Sensex is trading 76 points down at 19,675. Both indices are trading down in the range of 0.39% to 0.53%.

The advance-decline ratio is extremely negative in the morning trading session. On NSE, 982 shares are trading in red and 256 shares are trading in green. 

Top 5 NSE Gainers: Sun Pharma is the top gainer on NSE trading up by 2.68%, followed by GAIL, ACC, ONGC and Tata Consultancy Services.

Top 5 NSE Losers: Jai Prakash Associates, extending its previous day loss of 5%, is trading down by 3.27% and is among the top losers on NSE, followed by BHEL, Bank of Baroda, Sesa Goa and Bharti Airtel.

Among the sectoral indices on the NSE, 2 out of 13 sectors are trading in green in the morning trade. IT and Health Care are trading up in the range of 0.18%-0.35%. Realty and Metal are the top losers among the sector trading lower in the range of 1.14%-1.49%.

The Asian shares eased on Tuesday as traders and investors booked profit after a strong rally with the backdrop of a weak U.S data and worries that a potential political shake-up could disrupt the euro zone’s efforts to resolve its debt crisis. 

Hong Kong’s Hang Seng slipped by 1.72%, followed by Nikkei 225, Straits Times, Taiwan Weighted and China’s Shanghai Composite.

Buzzers: Jubilant FoodWorks has slipped almost by 7% to Rs 1060, extending its previous day’s 5.2% fall on the NSE after reporting an uneventful result. The company’s gross margins fell by 23 bps YoY, while higher rent costs and other expenses - mainly marketing expenses - dented the EBITDA margin by 146 bps YoY.

Jain Irrigation dips by more than 7% in today’s trade after the company reported a disappointing set of numbers. The stock is now trading at Rs 66.55. The company reported a net loss of 31.17 crore for Q3 due to sluggish sales. It had reported a net profit of Rs 1.24 crore in the same quarter last fiscal. 

After a gap-down start, the markets are stabilizing in the band of 5950-5960, if this level is broken, we can see bulls getting a hammering by bear and Nifty may slip down to the levels of 5920.