Markets Trading On Dull Note

The Indian markets opened flat with a negative bias today. Trades are seeing a cautionary note ahead of the derivatives contract expiry for the month of January 2013. The Nifty opened at 6045, touched a high of 6058 and a low of 6042, and is now trading down by 5 points at 6050. The Sensex opened at 19,987.28, saw a high of 20,008.83 and a low of 19,938.94, and is currently down by 37 points at 19,968.19. Both indices are trading lower in the range of 0.09%-0.18%.

The advance-decline ratio is positive in the morning trading session. On the NSE, 644 shares have advanced and 625 shares have declined so far.

Top 5 NSE Gainers: BHEL is the top gainer on the NSE this morning, trading up by 2.32%. Others in the list are Bharat Petroleum, Baja Auto, HCL Technologies and DLF.

Top 5 NSE Losers: Sesa Goa is among the top losers, lower by 1.34%, followed by Reliance Industries, Tata Motors, Tata Power and Hindustan Unilever.

Most of the sectoral indices are trading firm this morning. The Realty Index has moved 0.70% higher, CD is up 0.52% and PSU is up 0.50%. IT and Metals are trading lower by 0.28%-0.35%.

Most of the Asian markets are trading lower. The Hang Seng is down 0.55%, followed by KOSPI, Nikkei 225 and Straits Times. Shanghai Composite is the lone index trading flat with a positive bias.

Buzzers: Suzlon Energy has jumped by more than 7% to Rs 22.80. The stock surged after the wind turbine maker announced its German subsidiary REPower had received its largest ever order to supply 175 turbines.

IFCI has rallied more than 7% in today’s trade. The stock is trading near its intraday high of Rs 35.45. It has seen a spike in volumes ahead of the expiry, and this may be sign that traders are unwinding short positions, i.e. covering short positions.

We expect trades to remain range-bound, though some action may be witnessed in the last hour of trade. On the lower side, the bulls should hold the 6015 levels and on the higher side, 6075 will pose a stiff resistance.