Markets Recover From Day’s Low

The Sensex lost 140 points over the anticipation of RBI’s policy meet but it recovered from the day’s low within minutes following the RBI policy review in which key rates were cut by 25 basis points. In the afternoon trading session at 12:00 PM, the Nifty is trading down by 6 points at 5990 and the Sensex is trading down by 18 points at 19,717. Both the indices are trading flat with a negative bias in the range of 0.07%-0.12%.

The advance-decline ratio is on the negative side in the afternoon trading session. On the NSE, 711 shares are trading in red and 520 shares are trading in green. 

Top 5 NSE Gainers: Jindal Steel & Power is the top gainer on the NSE, trading up by 3.27%, followed by Sesa Goa, Reliance Infrastructure, Tata Steel and HCL Technologies.

Top 5 NSE Losers: Bajaj Auto is trading down by 2.16% and is among the top losers on the NSE, followed by Punjab National Bank, SBI, Bharat Petroleum and Tata Motors. 

Among the sectoral indices, most sectors are trading in green. Metals and Capital Goods are trading firm in the afternoon trading session. Bankex and Realty are still under pressure trading lower in the range of 0.73%-1.00%. 

The Asian markets are trading mixed. China’s Shanghai Composite is the top gainer with gains of 1.49%, followed by KOSPI and Hang Seng. Nikkei and Straits Times are trading lower in the range of 0.68%-0.77%. 

Buzzers: Alembic Pharmaceuticals surged as much as 6% to Rs 124 as it hit its life-time high on the NSE over reporting more-than-double consolidated profit at Rs 43.65 crore for the quarter ended March 2013 with a higher-than-expected rise in the sales and significant reduction in the interest expenditure.  

Ambuja Cement is trading strong in this sluggish market. The stock is trading at Rs 194, up by 2.24% along with a rise in volumes. 

Going ahead, Nifty needs to sustain above 6010 for a fresh up-move.