Markets Consolidate; Hero MotoCorp Gains 2%

The Indian markets, after a steep fall for the past 4 trading sessions, is witnessing some consolidation and trading in a tight range of 25 points today. Nifty is trading at 5652 with a marginal loss of 5 points and Sensex is trading at 18,739, down by 52 points. Both the indices are trading down in the range of 0.09%-0.27%. 

The advance-decline ratio is on a negative side in the afternoon trading session. On the NSE, 1027 shares are trading in red and 364 shares are trading in green. 

Top 5 Gainers on NSE: Ambuja Cement is leading today’s gainers list on the NSE and is trading with gains of 3.85%, followed by Bajaj Auto, IDFC, Reliance Infrastructure and Bank of Baroda.

Top 5 Losers on NSE: Ranbaxy Labs is among the top losers on NSE, trading lower by 3.24%, followed by DLF, ONGC, Tata Motors and Bharti Airtel. 

Among the sectoral indices, 9 of the 13 sectoral indices are trading in red in the afternoon trading session. Bankex, Capital Goods and Power are trading marginally higher in the range of 0.13%-0.30%. Consumer Durables and Realty continues to put pressure on the markets, trading lower by more than 1%. 

Most of the Asian markets are trading lower. Japan’s Nikkei 225 is trading lower by 2.41% at 12,338, followed by Hang Seng and Taiwan Weighted. Shanghai Composite is trading flat with a positive bias. 

Buzzers: Hero Motocorp has surged more than 2% in today’s trading session on reports that the company plans to spend over Rs 1,000 crore towards capital expenditure in the fiscal 2014 and has also formulated a strategy to maintain its leadership position.

SKS Microfinance has surged almost 5% to Rs 126, recovering from yesterday’s 10% fall after the company said it has completed securitisation of over Rs 100 crore.

Going ahead, Nifty has a strong support around the levels of 5630 and the resistance for the market comes in at 5670-5700.