Markets Trading Dull

The Indian markets recovered from the day’s lows after Prime Minister Manmohan Singh assured achieving an 8% growth. In the afternoon trading session at 12:15 PM, the Nifty is trading at 5743, down by 5 points and Sensex is trading at 19,024, down by 16 points. Both the indices are trading flat with a negative bias in the range of 0.09%-0.10%.

The breadth of the market remains healthy in the afternoon trading session. On the NSE, 919 shares are trading in green and 416 shares are trading in red. 

Top 5 Gainers on NSE: Tata Power is leading today gainers’ list on the NSE and is trading with gains of 4.30%, followed by Sun Pharma, Reliance Infrastructure, BHEL and NTPC.

Top 5 Losers on NSE: Bharti Airtel is among the top losers on the NSE trading lower by 3.03%, followed by Bajaj Auto, NMDC, Tata Motors and Bank of Baroda. 

On the sectoral front, Power and Realty are trading firm in the range of 0.83%-2.20% in the afternoon trading session. Auto stocks are still stagger under dismal march sales number and is are the top losers in the sectoral pack. Capital Goods and Healthcare are trading firm in the range of 1.21%-2.95%. 

On the global front, most Asian indices are trading in green. Japan’s Nikkei 225 is trading at 12,362 up by 358 points. Taiwan Weighted, Straits Times and Hang Seng are trading in green. Shanghai Composite and KOSPI are trading in red. 

Buzzers: Sugar Stocks continued their downward journey on Wednesday as the Cabinet Committee on Economic Affairs (CCEA) did not take up the issue of Sugar decontrol at its meeting last evening. Shree Renuka Sugars is down by 2% and Bajaj Hindustan is down by 1.71%.

Welspun Corp has soared about 5% to Rs 58.5 over heavy volumes after Nippon Investment and Finance Company, a Japanese private equity (PE) player acquired close to 1% stake in the company through open market transactions. 

Going ahead, we feel that the markets will trade in the range of 5710-5750.