Markets Open Flat, Nifty Below 6000

The Indian markets opened flat with a negative bias after seeing a big sell-off in the last session. The global markets were also seen in a mixed zone in the morning. The Nifty opened with a negative bias of 8 points at 5974 and Sensex was down by 51 points at 19,710. Both the indices opened down in the range of 0.43%-0.34%.

The advance-decline ratio is negative in the morning session. On the NSE, 560 shares are trading in gains and 758 shares are down.

Top 5 NSE Gainers: Infosys is the top NSE gainer so far, up by 5.5%, followed by Lupin, Bank of Baroda, Bharti Airtel and Dr Reddy’s Labs.  

Top 5 NSE Losers: Bajaj Auto is the top loser this morning, trading down by 3.2%, followed by Maruti Suzuki, Grasim, Hero MotoCorp and Sesa Goa.

Nine out of the 13 sectors are trading in the red zone. Auto and Banks are the top losers trading down by 157 points and 90 points. Consumer Durables and Oil & Gas are also losers, down by 76 points and 74 points. However, IT is the top gainer, up by 127 points. 

On the global front, the Asian shares are trading on a mixed note. Only Hang Seng has gained, up by 106 points. The Nikkei market is down by 449 points, while KOSPI, Shanghai, and Taiwan indices are trading on a negative note.

Buzzers: Infty opened with a positive sentiment. The stock hit a high at Rs 2625 and broke its stiff resistance in the morning session at Rs 2625. If it manages to break this level, we will see an up-move up to Rs 2670 in the further trading session.

Bajaj Auto is down by 3.4% after reporting a 3.6% YoY decline to 3.39 lakh while exports are down by 14% YoY to 1.11 lakh. Expectations for June 2013 retail sales are lower than those for May 2013 and exports growth will turn positive after a month. The stock made a low of Rs 1752 today. 

Nifty has a strong support at the 5950 level. If it breaks this level, we will see a further down-move.