Markets In Volatile Trades, IT Stocks Gain 2-3%

The Indian markets continue to trade in a tight range of 10-15 points, with the leading indices wavering between the negative and positive zones. The Nifty is trading down by 10 points at 5808 and Sensex is lower by 16 points at 19,231. Both the indices are trading down in the range of 0.08%-0.17%.

The advance-decline is on the negative side in the afternoon trading session. On the NSE, 743 shares are trading in the red and 623 shares are positive.

Top 5 NSE Gainers: Hero MotoCorp is the top gainer so far, up by 3.10%. Others in the gainers list include DLF, Tata Consultancy, HCL Technologies and Wipro.

Top 5 NSE Losers: Jindal Steel and Power has moved down by 3.10%, followed by Hindalco Industries, Reliance Infrastructure, IDFC and Tata Steel.

Most sectors are trading in the red. IT, TECk and Capital Goods are trading firmly higher between 0.90%-1.56%. Metal and Oil & Gas continue to put pressure, down by 0.88%-1.42%.

Meanwhile, the Asian markets closed on a mixed note. Japan’s Nikkei 225 was higher by 0.30% at 11,968. Taiwan Weighted closed 10 points up and Straits Times was in 0.04% gains. China’s Shanghai Composite lost 0.98% in today’s trade, and KOSPI and Hang Seng were also in losses.

Buzzers: Elder Pharma has surged almost 5% to Rs 336. The company has said that it will form a joint venture company with Japanese cosmetics major Kose Corporation to manufacture and market cosmetic products for the Indian market.

Orient Paper and Industries plunged around 80% in today’s trade due to the demerger of its cement business. The company fixed March 9, 2013 as the record date for deciding the shareholders eligibility for allotment of equity shares pursuant to the scheme. The ex-date is today, March 7. The stock is currently trading at Rs 14.25.

The Nifty is holding on to the 5800 levels in today trade. If it slides below this level, we can see it touching the levels of 5770-5745. Immediate resistance for the index comes in at 5830.