Nervousness Persists, Ranbaxy Surges 2%

The Indian markets opened on a soft note, tracking the weak global cues in early trades today. In the morning session, the Nifty has slipped by 8 points to 5626 and Sensex is trading lower by 31 points at 18,651. Both the indices are trading down in the range of 0.10%-0.16%.

The advance-decline is on the negative side. On the NSE, 719 shares are in the red and 435 shares are trading positive.

Top 5 NSE Gainers: Coal India is the top gainer so far, trading up by 1.63%. ITC, Ranbaxy Labs, HCL Technologies and HDFC are the others in the list.

Top 5 NSE Losers: GAIL has dipped 1.98%, followed by Siemens, DLF, Reliance Industries and Reliance Infrastructure.

On the sectoral front, most of the indices are trading lower, with Oil & Gas, Realty and Capital Goods as the top losers. The FMGC and Metal indices are witnessing gains.

Meanwhile, the Asian markets are trading on a mixed note. KOSPI has gained 0.58%, followed by Straits Times and Taiwan Weighted. China’s Shanghai Composite, on the other hand, is trading lower by 1.50%, while Nikkei 225 and Hang Seng are also in negatives.

Buzzers: The stock of GAIL has dipped almost 3% to Rs 307 on reports that the Tamil Nadu government has blocked work of the Kochi-Bengaluru gas pipeline.

Colgate India is extending the 3% fall seen yesterday and is currently trading below its 200-day EMA on the back of average volumes. The stock opened at Rs 1275 and has registered a low of Rs 1226.55 so far in today trades.

The Nifty has strong support zone around the 5610-5600 levels. As long as it holds this level, a minor pullback is expected.