D-Street Reeling Under Pressure

The Indian markets witnessed selling pressure in the early morning trades today amid weak global cues. Realty and Capital Goods shares figure among the key laggards. The Nifty has slipped down by 48 points to 5622 and Sensex has dropped 135 points to trade at 18,666. Both the indices are trading lower in the range of 0.50%-0.75%.

The advance-decline ratio is on the negative side in the morning trading session. On the NSE, 865 shares are in the red and 351 shares are in the green.

Top 5 NSE Gainers: Dr Reddy’s Labs is the top gainer so far on the NSE, trading up by 1.27%. GAIL, Hindustan Unilever, Bharti Airtel and Sun Pharma are among the others trading higher.

Top 5 NSE Losers: Jaiprakash Associates is trading down by 2.56%, followed UltraTech Cement, Axis Bank, IndusInd Bank and Reliance Infrastructure.

Most of the sectoral indices are trading in negatives. Realty and Bankex are under selling pressure, trading lower between 1.26%-1.57%. Healthcare is the lone ranger in the green zone.

Meanwhile, the Asian markets are trading in the red. Japan’s Nikkei 225 is trading lower by 1.65% at 12,161, followed by KOSPI, which is down by 1.45%. Straits Times and Hang Seng are also down.

Buzzers: Maharashtra Seamless is trading up by 0.50% at Rs 205 on the NSE in an otherwise weak market. This is after the company said that its board will consider a share buyback proposal.

Ajanta Pharma has extended its yesterday’s gains of over 10% and is currently trading up by 1.15% at Rs 762 on the back of heavy volumes. The stock has outperformed the benchmark indices in the last couple of trading sessions.

The Nifty has strong support at the 5600 level. If it breaches this support, we may see a free fall.