Markets Continue To Trade In Red, Nifty Tests 5800
Vinaya Patil / 23 Apr 2013
The Indian markets are trading down with a negative bias after the Prime Minister's Economic Advisory Council (PMEAC) projected the economy to grow at 6.4% in the new financial year beginning April 1. Global cues are trading in negative and the Nifty is trading at 5806 and Sensex is trading down at 19093.
The Indian markets are trading down with a negative bias after the Prime Minister's Economic Advisory Council (PMEAC) projected the economy to grow at 6.4% in the new financial year beginning on April 1. Global cues are trading in negative and the Nifty is trading at 5806, down by 26 points and Sensex is trading down by 78 points at 19093. Both the indices are trading lower in the range of 0.44%-0.40%.
The advance-decline ratio is on the negative side. On the NSE, 599 shares are trading in green and 745 shares in red.
Top 5 NSE Gainers: JP Associates is leading the gainers’ list so far up by 2.01%. Bajaj Auto, Reliance, HCL Tech, and NMDC are also in gains.
Top 5 NSE Losers: IDFC is trading lower by 2.5%, followed by Jindal Steel, IndusInd Bank, Bank of Baroda and Tata Motors.
Nine of the 13 sectoral indices are trading in loss in the afternoon trading session. Bank and Capital Goods are down by more than 1.5%, while Oil and Gas, FMCG and Healthcare are trading in a lower range by 0.7%–1.5%.
All the Asian markets are in trading on a negative not. Hang Seng is lower by 220 points and Nikkei is down by 38 points, as KOSPI and Straits Times are trading in the negative too.
Buzzers: Jindal Steel is trading lower by 2.7% at Rs 322, losing some strength from the Rs 350 level. If the stock manages to close below Rs 320, we could see a sell-off i.e. up to Rs 300.
IDFC is trading above its key psychological level of Rs 155. The stock has dipped to around Rs 154.50 in today’s trades. It has seen a dip in prices along with a jump in volumes.
5840 and 5850 are the crucial hurdles for Nifty. If it manages to close above this level, we will see a positive trade up to 5900.
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