Markets Open Negative, FMCG Down By 1%

The Indian markets have opened on a negative note today as the global markets were trading on a mixed note. The Nifty opened with a negative bias of 37 points at 6070 and Sensex was down by 134 points at 19,988. Both the indices opened down in the range of 0.61%-0.69%.

The advance-decline ratio is in on the negative side in the morning session. On the NSE, 506 shares are trading in gains and 786 shares are down.

Top 5 NSE Gainers: Dr Reddy’s Labs is the top NSE gainer so far, up by 2.74%, followed by Asian Paints, Axis Bank, GAIL, and Cipla. 

Top 5 NSE Losers: ITC is the top loser this morning, trading down by 2.3%, followed by TCS, BHEL, Ranbaxy Labs and Ambuja Cement.

Eleven out of 13 sectors are trading in the red zone. FMCG and Capital Goods are the top losers, down by 124 points and 105 points respectively, IT and Auto are down by 75 points and 67 points, while Banks and PSUs are also losing their morning gains. 

On the global front, the Asian shares are trading with a mixed sentiment. The Nikkei market is the top gainer for today’s session, up by 131 points. Hang Seng is down by 244 points, while Shanghai and Taiwan Weighted are flat with a negative bias.

Buzzers: ITC’s stock opened with a negative sentiment and broke its stiff support at Rs 350. The stock made a new low at Rs 342, and if it manages to break this level, we will see a further down-move up to Rs 338.

Dr Reddy’s Labs is the top gainer, up by 2.65% at Rs 2147. If the stock manages to sustain above the Rs 2150 level, it will come in a positive phase. An up-move up to Rs 2175 level is expected from the stock.    

The 6040-6060 levels will be the limit for Nifty. A major hurdle will be 6120. If it breaks and trades above this level, we may see a further up-move.