Markets Witness Profit-Booking, RCom Surged 6%

The Indian markets dropped after opening on a flat note this Wednesday over profit booking after the rise in the last three trading sessions. Large-Caps were under pressure with shares from the FMCG and Auto witnessing some selling. In the morning trading session at 10:00 AM, the Nifty slipped down by 12 points at 5735 and Sensex is trading lower by 52 points at 18,988. Both the indices are trading down in the range of 0.21% to 0.26%.

The advance-decline ratio is on a positive side in the morning session. On the NSE, 810 shares are trading in green and 351 shares are trading in red. 

Top 5 NSE Gainers: Tata Power is the top gainer on the NSE, trading up by 5.51%, followed by Sun Pharma, Reliance Infrastructure, Jindal Steel and Power and BHEL. 

Top 5 NSE Losers: Bharti Airtel is trading down by 2.14% and is among the top losers on the NSE, followed by Bank of Baroda, HDFC, Hindustan Unilever and Tata Motors. 

On the sectoral front, most sectors are trading in green. Power and Healthcare are the top gainers in the sectoral pack. FMCG and Auto are under a selling pressure. 

Meanwhile, the Asian markets are trading mixed. Japan’s Nikkei 225 is trading higher by 2.30% at 12,286, followed by Shanghai Composite, Taiwan Weighted and Straits Times. KOSPI and Hang Seng are trading in a lower range of 0.26%-0.35%. 

Buzzers: Reliance Communication has rallied 6% to Rs 67 on the NSE, extending its previous day’s gains of 11% after signing an agreement with Mukesh Ambani’s Reliance Jio to offer 4G services to its subscribers. RCom will deploy Reliance Jio’s fibre-optic network for a one-time payment of Rs 1,200 crore. 

The stocks of Sun Pharma have surged about 2% in today’s trade. It has witnessed a good action in price along with a jump in volumes. The scrip has touched its fresh 52-week high in today’s session. 

Nifty has a strong support zone around the levels of 5710-5720 as long as we hold a minor pull back which is expected.