Markets Trading Down On Weak Global Cues

The Indian markets opened on a weak note in line with the global cues. The Nifty is trading lower by 22 points at 5874 and Sensex has lost 60 points and is currently at 19,436. Both indices have dipped in the range of 0.28%-0.33%.

The advance-decline ratio is on the negative side this morning. On the NSE, 838 shares are trading in red and 364 shares are in positives.

Top 5 NSE Gainers: BPCL is the top gainer as of now, trading up by 1.61%. Tata Power, HDFC Bank, Asian Paint and GAIL are also among the highest gainers.

Top 5 NSE Losers: DLF is trading down by 2.80%, followed by Tata Motors, Coal India, HCL Technologies and Wipro.

11 out of the 13 NSE sectoral indices are trading down so far. Auto, Realty and Consumer Durables are seeing losses between 0.92-%0.97%. Capital Goods and FMGC are higher in the range of 0.12%-0.17%.

Most of the Asian markets are trading in the red. Nikkei 225 is trading down by 1.90%, followed by Straits Times and Hang Seng. The KOSPI index is trading flat with a positive bias.

Buzzers: Suzlon Energy has plunged more than 10% as yet in today’s trade. The turbine maker said that its consolidated loss has widened to Rs 1,154.53 crore in the December quarter on account of a sharp fall in its revenues. The stock is currently trading around the levels of Rs 21.

Dr Reddy’s Labs has extended its fall and is now trading at Rs 1842. Bank of America-Merrill Lynch downgraded its rating on the stock from ‘buy’ to ‘neutral’ saying a slight increase in core profit estimates was being offset by a fading US drug pipeline and moderating growth.

After a gap-down opening, the Nifty made an attempt to bounce back. However, the bears dragged the index down and it is now trading below 5880. The next support levels to watch out for are 5850 and 5820.