Nifty Dips Below 5950

The Indian markets have moved back to the negative zone in the afternoon trading session. The Nifty is trading down by 22 points at 5937 and Sensex is lower by 70 points at 19,571. Both the indices are trading down in the range of 0.38%-0.41%.

The advance-decline ratio is extremely negative as of now. On the NSE, 960 shares are trading in the red and 426 shares are in the green.

Top 5 NSE Gainers: Power Grid Corporation is the top gainer so far, up by 2.10%, followed by HDFC, Tata Consultancy Services, Tata Motors and Grasim Industries.

Top 5 NSE Losers: Reliance Infrastructure has dropped by 3.94%. Sesa Goa, Bank of Baroda, Bharti Airtel and Cipla are also in losses.

On the sectoral front, 12 out of the 13 indices are in the negative zone, with Consumer Durables, Realty and Power being the top losers. IT is currently trading firm.

In the peer Asian markets, Japan’s Nikkei is trading up by 3.64%, and the Hang Seng and Taiwan Weighted are also in the green.

Buzzers: Strides Arcolab is trading down by 12.14% at Rs 919. The stock slumped down as investors have cast doubt on media reports that the drug maker may sell its injectable medicines unit to Agila Specialties. It opened trades at Rs 1052 and went on to see a low of Rs 866.60.

Jubilant FoodWorks has surged by 3.42% and is now trading at Rs 1173.40. Fund house Morgan Stanley Asia (Singapore) has bought additional shares of the company for over Rs 37 crore. The stock had witnessed a heavy sell-off post its results announcement.

The Nifty is trading below the crucial support level of 5940. If the bears sustain below this level, the markets could slip down.