Markets In Red, IIP Beats Estimates

The Indian markets are trading down with a negative bias after the IIP numbers for the month of February 2013 have come in better-than expected at 0.6% against an expectation of a contraction. Trades are in a tight range as global cues are trading in negative. The Nifty is trading at 5525, down by 68 points and Sensex is trading down by 300 points at 18,240. Both the indices are trading lower in the range of 1.24%-1.63%.

The advance-decline ratio is on a negative side. On the NSE, 450 shares are trading in green and 844 shares are in red.

Top 5 NSE Gainers: ITC is leading the gainers’ list so far, up by 3.4 %. Asian Paints, Lupin, BPCL and Ambuja Cement are also in gains.

Top 5 NSE Losers: Infosys is trading lower by 20%, followed by TCS, HCL Tech, M & M, Coal India.

6 of the 13 sectoral indices are trading in gains in the afternoon trading session. IT, TECK, and Capital Goods are witnessing a heavy sell-off, trading lower by 8 % and both IT and TECK are lower in the range of 9%-12%. Banks, Metals, Realty, FMCG and Consumer Durables are in a flat range. 

All the Asian markets are down. Hang Seng is lower by 12 points, followed by Nikkei, down by 64 points and KOSPI and Straits Times are trading on a negative note by 25 and 13 points respectively.

Buzzers: M & M is trading lower by 1.4% at Rs 820. The stock has outperformed in the last few trading sessions but is now losing some strength from the Rs 850 level. If the stock manages to close above the Rs 810 level, we could see a bounce back up to Rs 840. 

ONGC is trading above its key psychological level of Rs 308. The stock has dipped to around Rs 304 in today’s trades. It has seen a dip in prices along with a jump in volumes.

We had mentioned in our previous updates that 5500-5520 is the crucial support levels for Nifty. If it manages to hold these levels and closes above 5540, we will see a further up move to 5570.