Nifty Continues To Suffer, Ambuja Cement Down By 4%

The Indian markets continued to suffer as Metal, Auto, Capital Goods and Cement saw a sell-off. The market sentiments were also hit after concerns over fresh tightening measures in Beijing’s property sector hit the Chinese market. In the afternoon trading session at 12:30 PM, Nifty is trading down by 36 points at 5683 and Sensex is trading at 18,823 down by 96 points. Both the indices are trading down in the range of 0.51% to 0.65%.

The advance-decline ratio is on the negative side in the afternoon trading session. On the NSE, 1059 shares are trading in red and 308 shares are trading in green. 

Top 5 NSE Gainers: Dr Reddy’s Labs is the top gainer on NSE, trading up by 1.49%, followed by Bharat Petroleum, Sun Pharma, Tata Consultancy Services and Power Grid Corporation of India. 

Top 5 NSE Losers: Ambuja Cement tumbles down by 4.34% and is among the top losers on NSE, followed by ACC, Sesa Goa, Reliance Infrastructure and Jindal Steel and Power. 

Among the sectoral indices, most sectors are trading in red. Metal and Consumer Goods continue to put some pressure and are trading lower by 2.00%-2.25%. Oil & Gas and Bankex are trading in green with marginal gains of 0.08%.

Meanwhile, the Asian markets are trading in red. Japan’s Nikkei 225 scaled up to a new 53-month high to close at 11,652 up by 0.39%. Shanghai Composite extended its morning loss and is now down by 3.94%, followed by Hang Seng and Taiwan Weighted.  

Buzzers: Colgate Palmolive (India) has surged to Rs 1,360 extending its Friday’s 2.2% gain. The stock has gained after the company said that its board will consider payment of the interim dividend for the year 2012-13. 

Ambuja Cement drifts lower by 4% to Rs 184. The stock opened around 191 and made a low of Rs 182.20. It is trading lower over heavy volumes. 

Nifty is holding on to the levels of 5670. Going ahead, traders will keep an eye on 5670. If it breaks below this level, a fresh short position can be initiated.