Indices Dip Into The Negatives

The Indian markets have moved into the negative zone, tracking weak Asian cues. Banking and Capital Goods shares are leading the downfall. The Nifty is trading down by 23 points at 6087 and the BSE Sensex is hovering around the crucial 20,000 mark, lower by 56 points at 20,103.

The advance-decline ratio is on the negative side. On the NSE, 605 shares are in the red and 553 shares are in green.

Top 5 Nifty Gainers: Sun Pharma remains the top gainer, up by 7.77%. Lupin, Tata Motors, Hero MotoCorp and Power Grid Corporation are also trading higher.

Top 5 Nifty Losers: Jaiprakash Associates is down by 3.42%, followed by IDFC, BHEL, Grasim and Ranbaxy Labs.

Most of the sectoral indices are trading in the red as of now. Realty, Bankex and Power are all down by more than 1% each. Healthcare, FMGC and Auto are in positives.

The Asian markets continue to see mixed trades, with the Taiwan Weighted trading higher by 0.90% and Japan’s Nikkei 225 up by 0.10%. The Shanghai Composite also in gains. The Hang Seng is lower by 1.28%, and Straits Times is also down.

Buzzers: Tribhovandas Bhimji Zaveri (TBZ)  has surged more than 4% to Rs 255 after reporting an over three-fold jump in its standalone net profit to touch Rs 24.99 core for the quarter ended March, 31 2013 on account of strong sales growth.

Wockhardt is trading in the lower circuit of 10% at Rs 1121.75. The stock opened at Rs 1250 and made a high of Rs 1261.70. It has been under pressure post its Q4 numbers announcement.

The Nifty is trading near its strong support zone. If the index sustains below 6078, we expect it to touch the 6055 level. On the higher side, it needs to sustain above 6105.