Markets Open Positive, IT Stocks Tank

The Indian markets have opened positive today after the global markets are seen trading higher. The Nifty opened with a positive bias of 30 points at 5812 and Sensex was up 70 points at 19080. Both indices opened higher in the range of 0.49%-0.32%.

The advance-decline ratio is in on the positive side. On the NSE, 789 shares are trading in gains and 529 shares are down.

Top 5 NSE Gainers: IndusInd Bank is the top NSE gainer so far, up by 3.92%, followed by Coal India, BPCL, Axis Bank, HDFC Bank.

Top 5 NSE Losers: Infosys is the top loser this morning, having dropped 3.1% so far. HCL Tech, Dr Reddy’s Labs, DLF and UltraTech Cement are among the others in losses.

On the sectoral front, Banks and Consumer Durables are the top gainers, up by 210 points and 160 points respectively. Capital Goods have gained 122 points and Metals are also up 72 points. 4 out of the 13 sectors are trading in the red zone. IT and TECK are down by 155 points and 67 points respectively.

On the global front, the Asian shares are trading in the green. The Nikkei market is higher by 239 points and Taiwan Weighted is up 32 points. Hang Seng is down 40 points and Shanghai is trading flat.

Buzzers: Coal India is trading up by 3.3% at Rs 310. The stock has gained some strength after a bad performance seen over the last few days. It is trading above the support level. Above Rs 310, we have crucial hurdles of Rs 315 and Rs 320. If it sustains above this level, we may see a further up-move.

Axis Bank has seen good momentum in the last few trading days. The stock opened on a positive note, higher by 2.1% and is trading at Rs 1460. The stock has a good support at the Rs 1450 level, and we may expect some more up-move if it sustains at this level.

The 5790-5770 levels will be a lakshman rekha for the Nifty. 5840 will be a major hurdle. If the Nifty breaks and trades above this level, we may see a further rise.