Markets Consolidating, IT & Metal Shine

The Indian markets opened in the green this morning, taking cues from the global indices. However, they were not able to sustain the gains and turned into the negative territory. Currently, the Nifty is trading down by 6 points at 5937 and Sensex is trading 25 points higher at 19,601.

The advance-decline ratio is on the positive side in the morning trading session. On the NSE, 684 shares are trading in the green and 487 shares are in red.

Top 5 NSE Gainers: Hindalco Industries is the top gainer so far, trading up by 2.04%. Tata Steel, Tata Consultancy Services, NMDC and Sesa Goa are also witnessing gains.

Top 5 NSE Losers: IndusInd Bank is trading down by 1.75%, followed by Jaiprakash Associates, Punjab National Bank, IDFC and ICICI Bank.

Most of the sectoral indices are in positives as of now. Metal, IT and TECk are trading firm. Bankex and Realty, though, are under selling pressure.

The Asian markets are trending up. Hong Kong’s Hang Seng is trading up by 0.96, followed by China’s Shanghai Composite up by 0.87% and Straits Times. Nikkei is the lone market trading in the red zone.

Buzzers: Aban Offshore has surged as much as 5% and is currently at Rs 321.80 on the NSE. It opened at Rs 308.30 and saw a high of Rs 323.75. The stock has been on the radar of traders for the last couple of trading sessions and has seen good volumes.

SpiceJet has jumped around 6% on the BSE after Rekha Jhunjhunwala (wife of big bull Rakesh Jhunjhunwala) bought 25 lakh shares of the company.

The Nifty has strong support around the 5910-5920 levels and resistance for the index stands at 5975-5990.