Markets Open Positive, Oil & Gas Shines

The Indian markets opened on a positive note today as the global markets are trading on a mixed note. The Nifty opened with a positive bias of 20 points at 5890 and Sensex is down by 70 points at 19,355. Both the indices opened down in the range of 0.30%-.34%.

The advance-decline ratio is in on the positive side in the morning session. On the NSE, 708 shares are trading in gains and 642 shares are down.

Top 5 NSE Gainers: Hero MotoCorp is the top NSE gainer so far, up by 3.89%, followed by HCL Tech, Cairn India, ONGC, and Grasim Industries.

Top 5 NSE Losers: Jindal Steel is the top loser this morning, trading down by 2.78%. Ambuja Cement, Kotak Mahindra, Axis Bank and Hindalco are among the other losers.

Four out of 13 sectors are trading in red. Metals and Capital Goods are the top losers, down by 40 points and 20 points, Oil & Gas and IT are the top gainers, both up by 70 points, followed by Healthcare and Tech, which are up by 25 points and 30 points respectively.

On the global front, the Asian shares are trading with a negative sentiment. The Nikkei market is down by 41 points, Hang Seng is down by 2 points and Taiwan Weighted is down by a point. Shanghai is trading flat with a negative bias.

Buzzers: Hero MotoCorp is trading up by 3.7% at Rs 1657. The stock is gaining some strength after its bad performance of the last few days and is trading above its support level. Above 1650, it has crucial hurdles of 1660 and 1675. If it sustains above this level, we will see a further up-move.

ONGC has seen a good momentum in the last few trading sessions. The stock opened on a positive note, higher by 2.11% and is trading at Rs 331. It has a good support at Rs 325 and we can see can see an up-move if it sustains at this level.

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