Bulls Bounce Back

The Indian markets opened on a positive note, with supportive cues from the global market. In the morning trading session, the Nifty is trading 23 points higher at 5565 and Sensex is up by 27 points at 18,465. Both the indices are have gained by 0.17%-0.43%.

The advance-decline ratio is on the positive side in the morning trading session. On the NSE, 720 shares are trading in the green and 296 shares are in the red.

Top 5 NSE Gainers: Cairn India is the top gainer so far, trading up by 2.75%. Tata Motors, Jaiprakash Associates, Ambuja Cements and ACC are also trading higher.

Top 5 NSE Losers: Bharti Airtel is trading down by 1.37%, followed by Infosys, Dr Reddy’s Labs, Bajaj Auto and Ranbaxy Labs.

On the sectoral front, most of the indices are in the green. Realty, Metal, Auto and Bankex are trading firm in the morning session. Among the laggards, TECk and IT are weighing down the index, both trading lower by more than 1%.

Meanwhile, the Asian markets are in positives. Hang Seng is trading higher by 200 points at 21,918, followed by Straits Times, Shanghai Composite and Nikkei 225.

Buzzers: Wipro’s stock has dipped almost 10% to Rs 406 on the NSE in early morning trades after the stock turned ex-scheme of arrangement today. The company has fixed April 11, 2013 as the record date for the purpose of determining the members of the company to whom securities of the resulting company will be allotted and who will be entitled to the exchange right pursuant to the scheme of arrangement.

Rcom has surged about 1.5% on reports that Morgan Stanley has upgraded the stock from ‘equal weight’ to ‘overweight’ following the company’s Rs 12 billion fiber optic network sharing deal with the telecom unit of Reliance Industries.

The Nifty has an immediate resistance level of 5575. If it sustains above this level, we can expect to see a smart up-move.