Nifty Consolidates Around 5880, Hero MotoCorp Surges

The Indian markets have pared some of their early gains in the afternoon trading session on account of weakness in counters like Jindal Steel and Power, ACC and Ambuja Cements. The Nifty is trading higher by 8 points at 5880 and Sensex is 30 points up at 19,317. Both the indices are trading up in the range of 0.15%-0.16%.

The advance-decline ratio is on the negative side in the afternoon trading session. On the NSE, 1648 shares are in the green and 1711 shares are trading negative.

Top 5 NSE Gainers: Hero MotoCorp is the top gainer so far, trading up by 3.42%, followed by Reliance Infrastructure, IndusInd Bank, HCL Technologies and Cairn India.

Top 5 NSE Losers: Jindal Steel and Power is trading down by 3.87%. ACC, Ambuja Cements, NMDC and Axis Bank are the others trading down.

Most of the sectoral indices are trading in the green. Consumer Durables and Power are trading firm in the afternoon session, followed by Realty and Auto. Metal and Bankex are witnessing selling pressure, trading lower in the range of 0.07%-0.68%.

Meanwhile, the Asian markets are trading on a mixed note. Hang Seng, Taiwan Weighted and Straits Times are higher, whereas Kospi is trading lower by 0.20%.

Buzzers: Delta Corp is trading lower by 6%, extending the 10% fall seen on Friday, April 26. The company has reported a consolidated net loss of Rs 10.37 crore for the fourth quarter ended March, 2013 due to lower revenues and higher operational costs.

Lanco Infratech surged by 10% to Rs 11.60 after the a protracted litigation for a claim of AUD 3.5 billion initiated by Perdaman Chemicals against Griffin Coal (a subsidiary of Lanco), Lanco and Group and its officers, in the Supreme Court of Western Australia ended in a settlement, with the company agreeing to pay AUD 7.5 million.

Nifty is moving in a narrow range of 20 points. The index has a support at 5870 and a resistance around the 5900 level.