Markets Open Negative, IT Down By 1%

The Indian markets opened on a negative note today after the global markets were seen in the positive zone. The Nifty opened with a negative bias of 30 points at 5884 and Sensex was down by 77 points at 19330. Both the indices opened down in the range of 0.55%-0.42%.

The advance-decline ratio is in on the negative side in the morning session. On the NSE, 599 shares are trading in gains and 717 shares are down.

Top 5 NSE Gainers: Bharti Airtel is the top NSE gainer so far, up by 5.05%, followed by Asian Paints, DLF, GAIL, Cairn India.

Top 5 NSE Losers: Jindal Steel is the top loser this morning, trading down by 3%. HCL Tech, IndusInd Bank, Grasim and Hero MotoCorp are among the other losers.

Seven out of the 13 sectors are trading in the red zone. Banks and IT are the top losers, down by 172 points and 52 points respectively, followed by Healthcare and Auto, down by 52 and 28 points respectively.

On the global front, the Asian shares are trading with a positive sentiment. The Nikkei market is up by 5 points, Hang Seng is up by 234 points and Taiwan Weighted is up by 7 points. Shanghai is trading flat with a negative bias.

Buzzers: Bharti Airtel is trading up by 5% at Rs 319. The stock gained some strength after the bad performance from the last few days and is trading above its support level. Above Rs 320, we have crucial hurdles of Rs 327 and Rs 330. If it sustains above these levels, we will see a further up-move.     

GAIL has seen a good momentum in the last few trading days. The stock opened on a positive note, higher by 1.87% and is trading at Rs 350. The stock has a good support at the Rs 340 level and we can see can see a further up-move if it sustains at this level.

The 5880-5865 level will be the limit for Nifty. A major hurdle will be 5930. If it breaks and trades above this level, we may see a further up-move.