Markets Continue To Struggle, Telecom Gains

The Indian markets witnessed a quiet session, moving in a tight range of 20-30 points. Investors’ and traders’ sentiments remained subdued due to the weak macro-economic situation coupled with global growth woes. In the afternoon trading session, the Nifty slipped by 12 points to 5541 and Sensex is lower by 35 points at 18,414. Both the indices are trading down in the range of 0.19%-0.21%.

The advance-decline ratio is on the negative side in the afternoon trading session. On the NSE, 606 shares are trading in the red and 578 shares are in the green.

Top 5 NSE Gainers: Bharti Airtel is the top gainer as of now, trading up by 3.11%. Reliance Infrastructure, Ambuja Cements, Cipla and Hindalco Industries are the others which have held the lead since morning.

Top 5 NSE Losers: Ranbaxy is trading down by 2.24%, followed by Cairn India, HCL Technologies, ITC and Sesa Goa.

Most of the sectoral indices are trading in the red. Consumer Durables, Oil & Gas and Healthcare are trading in the positive zone this afternoon. However, Capital Goods and IT are under selling pressure at this point of trades.

Meanwhile, Japan’s Nikkei 225 is trading higher by 2.72% at 13,192 and the Hang Seng is also in positives. Among other Asian markets, Taiwan Weighted, Shanghai Composite and KOSPI are in the red.

Buzzers: Reliance Communications has rallied about 6% to Rs 67 on the NSE over reports that the telecom major is planning to sell its majority stake in its subsidiary Reliance Globalcom to Bahrain Telecommunications Company for Rs 6000 crore.

TVS Motors, India’s fourth largest motorcycle company by sales, has surged almost 5% to Rs 38 on the NSE on hopes of a tie-up with BMW Motorrad. Through this partnership, the company would gain technology for introducing high-end motorcycles.

The Nifty has a strong support zone around the levels of 5520-5510.