Markets Open Negative, Volatile Day Ahead

The Indian markets have opened on a negative note today. The Nifty opened lower by 22 points at 5977 and Sensex was down 70 points at 19670. Both indices were down in the range of 0.34%-0.33%.

The advance-decline ratio is in on the negative side this morning. On the NSE, 540 shares are trading in gains and 690 shares are down.

Top 5 NSE Gainers: Bharti Airtel is the top NSE gainer so far, up by 2.5%, followed by HCL Tech, Ambuja Cements, ACC and Grasim.

Top 5 NSE Losers: Reliance Infra is trading down by 1.3% so far. Hero MotoCorp, Tata Motors, Bank of Baroda, Mahindra & Mahindra are among the others in losses.

6 out of the 13 sectors are trading in the red zone. Banks and Capital Goods are down by 104 points and 100 points respectively, Oil & Gas has lost 33 points and PSU was also down by 30 points. IT has gained 30 points and Consumer Durables is up by 28 points.

On the global front, the Asian shares are trading positive. The Nikkei market is closed for today. Hang Seng is 155 points higher and Taiwan Weighted has gained 14 points. Shanghai is trading flat, positive.

Buzzers: ACC and Ambuja Cements will report their March quarter numbers today. ACC's net sales are expected to be almost 7% higher at Rs 3055 crore and profits at around Rs 325 crore. However, the company’s margins are likely to be hit due to the hike in railway freight and increase in rates of bulk diesel. For Ambuja Cements, the topline is expected to be flat at over Rs 2,500 crore.

Lupin has seen good momentum in the last few trading days. The stock opened on a positive note, higher by 1.2% and is currently trading at Rs 705. The stock has good support at the Rs 695 level and we can see more of an up-move if it sustains at this level.

The 5920-5945 levels will be a lakshman rekha for the Nifty and 6015 will be a major hurdle. If the index breaks and trades above this level, we may see a further up-move.