Nifty Struggles At Higher Levels, Broader Markets Crash

The key benchmark indices continue to remain volatile, fluctuating between negative and positive in the afternoon trading session. The Nifty is trading down by 10 points at 5840 and Sensex is down by 22 points at 19,293. Both indices are trading down in the range of 0.12%-0.18%.

The advance-decline ratio has turned negative due to heavy sell-off seen in the mid-cap segment in the afternoon trades. On the NSE, 954 shares are trading in red and 423 shares are in positives.

Top 5 NSE Gainers: Ranbaxy continues to trade firm and is top gainer so far, up by 3.03%. Other gainers include Infosys, Tata Motors, Power Grid Corporation and HCL Technologies.

Top 5 NSE Losers: DLF has tumbled after a great 4-5 days’ run, and is currently down by 3.40%. Bharat Petroleum, Jaiprakash Associates, ONGC and Cipla are also on the losing side.

Most of the sectoral indices are in the red. Realty is trading lower by more than 2%, followed by Capital Goods, Oil & Gas and Metal, which have all dipped by about 1.30%-2.11%. IT and TECk, though, continue to prosper and trade firm.

Meanwhile, the Asian markets are trading on a mixed note. Japan’s Nikkei 225 has inched up to a new high and is trading higher by 2.37% at 11,662. Shanghai Composite, Hang Seng and Straits Times are also trading higher. Taiwan Weighted and KOSPI are on the negative side, down between 0.47%-0.49%.

Buzzers: Core Education & Technologies has tumbled more than 56% as yet in today’s trade. The stock opened at Rs 298.80 and hit a low of Rs 104.35. The market buzz is that some operated mid-cap stocks are down because of margin selling.

KSB Pumps has swelled over 8% to Rs 201. The company has reported a 21% YoY jump in net profits to Rs 19.53 crore for the fourth quarter ended December 2012, despite a fall in its operational income.

The Nifty continues to struggle at the higher levels. Long traders should keep a strict stoploss of 5819 on spot Nifty.