Market Trading On Sluggish Note

After a strong start to the day, the Indian markets are moving in a tight range. The Nifty is trading up by 21 points at 6020 and Sensex is 80 points higher at 19,861. Both the indices are trading up in range of 0.33%-0.40%.

The advance-decline ratio has turned negative in the afternoon trading session. On the NSE, 694 shares are trading in the red and 678 shares are in the green.

Top 5 NSE Gainers: Tata Motors is the top gainer, trading up by 4.58%%. UltraTech Cement, HDFC, ICICI Bank and DLF are also in the gainers list.

Top 5 NSE Losers: Bank of Baroda is trading down by 7.17%, followed by IDFC, Ranabaxy Labs, Cipla and BHEL.

Among the sectoral indices on the NSE, Realty and Auto are firmly up between 1.10%-0.91%. PSU and Healthcare are trading lower.

The peer Asian markets continue to trade firm. Taiwan Weighted is up by 0.85%. Others including Nikkei 225, Shanghai Composite and Hang Seng trading higher in range of 0.13%-0.61%.

Buzzers: Bank of Baroda has crashed down by more than 7% to Rs 803. It has reported a sharp 22% decline in net profits for Q3, which stood at Rs 1102 on a yearly basis due to higher provisioning and lower Other Income. The bank’s gross non-performing assets (NPAs) have increased from 1.48% to 2.41%, while the Net NPAs have increased from 0.51% to 1.12% YoY.

PFC has jumped more than 4% to touch Rs 216. The stock touched a high of Rs 220.60 and a low of Rs 201. It has seen good momentum in the afternoon trading session on the back of heavy volumes.

The Nifty has witnessed sluggish trades in the afternoon session as there are no major triggers. Going ahead, the Nifty needs to hold on to the 5990 levels.