Markets Hovering Around Crucial Supports As Telecom Shares Gain And Rail Stocks Disappoint
Suparna / 26 Feb 2013
The Indian markets faced a helpless opening over weak global cues. The stocks in the US markets suffered their biggest drop since November 2012. In the morning trading session, Nifty is trading at 5820 and Sensex is trading at 19,224.
The Indian markets faced a helpless opening over weak global cues. The stocks in the US markets suffered their biggest drop since November 2012. In the morning trading session at 10:00 AM, Nifty is trading down by 34 points at 5820 and Sensex is trading at 19,224, down by 105 points. Both the indices are trading down in the range of 0.54% to 0.57%.
The advance-decline ratio is on a negative side in the morning trading session. On the NSE, 890 shares are trading in red and 302 shares are trading in green.
Top 5 NSE Gainers: Bharti Airtel is the top gainer on the NSE, trading up by 4.01%, followed by Infosys, BHEL, Grasim and DLF.
Top 5 NSE Losers: Maruti Suzuki is trading down by 2.62% to be among the top losers on the NSE, followed by Lupin, ICICI Bank, Tata Motors and LT.
Among the sectoral indices on the NSE, 10 out of 13 sectors are trading down and out in the morning trade. Auto, Capital Goods and Oil & Gas are trading in deep red down by about 1% or more. Teck, FMCG and IT are providing some respite to the markets.
The Asian markets are trading weak. Japan’s Nikkei 225 is losing ground from a 53-month high as the yen strengthened on uncertainty following the Italian elections. The other markets like Hang Seng are trading down by 0.77% and Taiwan Weighted is down by 0.57%. Shanghai Composite is the sole exception among the Asian markets as it is trading in green.
Buzzers: The telecom stocks jumped up sharply in the early morning trade after the Department of Telecom said that it has not received applications for GSM spectrum auctions in the 1800 MHZ and 900 MHZ bands. The deadline for submitting applications was Monday (February 25, 2013). Bharti Airtel surged up by about 4% and is trading at Rs 319. A lack of interest in the auction suggests that reserve prices may be revised and we may see a cut down in prices.
The Railway’s stocks are in the lime light ahead of the Rail budget. At around 12 PM today, the Railways Minister Pawan Kumar Bansal will deliver his maiden Budget in the Lok Sabha. None of the stocks in this space are trading in green. Kalindee Rail, Titagarh Wagon and Kernex Micro are trading down in the range of 3% or more over heavy volumes.
Nifty is trading near important support levels. The action in the markets is expected in the noon session.
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