Shaky Opening, Markets Await GDP Numbers

The Indian markets have opened lower today. The Nifty open with a negative bias of 75 points at 6044 and Sensex was down 246 points at 19970. Both indices opened lower in the range of 1.30%-1.22.

The advance-decline ratio is negative as of now. On the NSE, 453 shares are trading in gains and 810 shares are down.

Top 5 Nifty Gainers: GAIL is the top gainer so far, up by 1.5%. Tata Power, NMDC, JP Associates and Sesa Goa are the others in list.

Top 5 Nifty Losers: ITC is trading down by 3.4%, followed by Mahindra & Mahindra, HDFC Bank, Bajaj Auto and Kotak Mahindra Bank.

All 13 sectoral indices are trading in the red zone. Banks and FMGC are down by 198 points and 123 points respectively so far. Oil & Gas has dipped 93 points and Capital Good is lower by 79 points.

On the global front, the Asian shares are in positives. The Nikkei market is up by 140 points, and KOSPI, Shanghai Composite and Taiwan are also higher. Only the Hang Seng is showing some weakness, down by 24 points.

Buzzers: Tata Power opened in the green today and hit a high at Rs 91.70. The stock has broken a stiff resistance at Rs 90 in the morning session, and if it manages to break this level, it could see a further up-move up to Rs 95.

Investors are treading cautiously ahead of the fourth quarter GDP number to be announced today. The expectations are that it will come in at 4.9% versus 5.1% year-on-year. The drag will be from Services, which is seen lower at 6%. For FY13, growth is seen at 4.97%.

The Nifty has a strong support at 6050. If it breaks this level, the index could see some more of a downside.