Markets Shed Early Gains

The Indian markets, after a firm opening, put off their early morning gains as traders and investors booked profit at higher levels. The National Stock Exchange’s 50-share Nifty is trading down by 5 points at 5553, while the Bombay Stock Exchange’s 30-share Sensex is trading at 18,429, up by 2 points. Both the indices are trading flat.

The advance-decline ratio is trading flat in the afternoon trading session. On the NSE, 587 shares are trading in green and 581 shares are trading in red. 

Top 5 NSE Gainers: Tata Motors is the top gainer on the NSE, trading up by 3.60%, followed by ICICI Bank, Infosys, Lupin and HCL Technologies. 

Top 5 NSE Losers: Reliance Infrastructure is trading down by 3.47% and is among the top losers on the NSE, followed by Bharti Airtel, Kotak Mahindra Bank, HDFC and Grasim Industries. 

The key sectoral indices such as IT, Realty and Technology are trading firm up in the range of 0.42%-1.21%. Oil & Gas and Power are under a selling pressure. 

Most of the Asian markets are trading in green. Nikkei 225 surged to a new high at 13,549, up by 1.93%, followed by Taiwan Weighted, KOSPI and Hang Seng. China’s Shanghai Composite is under pressure, trading down by 0.27%. 

Buzzers: Jet Airways dropped over 3% to Rs 482 on news that stake sale to Etihad Airways may be delayed until August 2013. Currently, the Abu Dhabi Carrier Etihad is seeking assurances following setbacks for several Gulf investors in India.  

Kingfisher Airlines has surged by 4% after the company submitted a revival plan to the Directorate General of Civil Aviation (DGCA) to restart flying operations. The company has requested DGCA to renew its licence. The company plans to restart operations with 5 Airbus and 2 ATR planes. 

The market continues to trade volatile. The key level to watch out for is 5550.