Markets Open Positive, While Bharti Airtel’s Q4 Disappoints

The Indian markets have opened on a positive note today as global markets were seen trading on a mixed note. Nifty opened with a positive bias of 27 points at 5957 and Sensex was up by 81 points at 19,590. Both the indices opened up in the range of 0.50%-0.46%.

The advance-decline ratio is in on the positive side in the morning session. On the NSE, 766 shares are trading in gains and 552 shares are down.

Top 5 NSE Gainers: IDFC is the top NSE gainer so far, up by 2.3% followed by TCS, HDFC, SBI, Infosys. 

Top 5 NSE Losers: Bharti Airtel is the top loser this morning, trading down by 1.6%. Tata Motor, Cairn India, Gail, HUL are among the other losers.

Two out of the 13 sectors are trading in the red zone. Banks and IT are the top gainers, up by 138 points and 91 points respectively, Consumer Durables and Capital Goods are also among the gainers, up by 59 points and 62 points respectively, followed by Small-Cap and Mid-Cap, up by 36 points and 35 points.

On the global front, the Asian shares are trading with on a mixed note. The Nikkei market is on a negative note, down by 97 points, Hang Seng is down by 67 points and Taiwan Weighted is up by 38 points, Shanghai is trading flat with a negative bias.

Buzzers: Bharti Airtel reported a fourth quarter (January-March 2013) net profit of Rs 508.6 crore, up 79% QoQ, but way below what analysts were expecting. The total income increased nearly 1% to Rs 20,448 crore from Rs 20,253.7 crore QoQ, which too was below expectations. As the stock made a new low of Rs 315, it broke all its support levels. If it closes below the Rs 300 level, we will see a further down-move from this level

IDFC has seen a good momentum in the last few trading days. The stock opened on a positive note, higher by 2.11% and is trading at Rs 155. It has a good support at the Rs 150 level and we can see can see a further up-move if it sustains at this level. 

The 5900-5920 levels will be the lakshman rekha for the Nifty. A major hurdle will be 5980. If it breaks and trades above this level, we may see a further up-move.