Market Sinks Below 5700, MMTC Down 10%
Vinaya Patil / 13 Jun 2013
The Indian markets continued to exhibit a weak trend ignoring Finance Minister P Chidambaram’s assurance of a steady economy. The Nifty has slipped below the 5700 mark dragged by heavyweights. In the afternoon trading session, the Nifty is trading at 5697 and Sensex is trading at 18,809.
The Indian markets continued to exhibit a weak trend ignoring Finance Minister P Chidambaram’s assurance of a steady economy. The Nifty has slipped below the 5700 mark dragged by heavyweights. In the afternoon trading session, the Nifty is trading at 5697, down by 62 points and Sensex is trading at 18,809, down by 231 points.
The advance–decline ratio is trading on an extremely negative side in the afternoon trading session. On the NSE, 931 shares are trading in red and 256 shares are trading in green.
Top 5 Nifty Gainers: Hindalco Industries is trading as the top gainer in the afternoon trading session, up by 4.77%, followed by Bharti Airtel, Tata Steel, Axis Bank and SBI.
Top 5 Nifty Losers: Tata Motors is trading as the top Nifty loser, down by 3.87%, followed by Punjab National Bank, Bank of Baroda, Sun Pharma and Jaiprakash Associates.
Most sectors are trading in red in the afternoon trading session. Consumer Durables and Metals are trading in a positive zone. On the flip side, Auto, FMCG and IT are trading in a negative zone.
On the global front, the Asian markets are trading in red. Japan’s Nikkei 225 is trading lower by 6.78%, followed by Shanghai Composite, Hang Seng, Taiwan Weighted and Straits Times.
Buzzers: Apollo Tyres, the Gurgaon-based tyre manufacturer fell as much as 20% - the biggest drop in more than 2 decades after reports suggested that Apollo Tyres will purchase Cooper Tire. The stock opened at Rs 86.20 and made a low of Rs 72.30.
The shares of select public sector undertakings PSU companies are under pressure, falling up to 12% after the government fixed the floor price for stake sale of MMTC at a huge discount. Besides, MMTC, STC, Dredging Corporation and HMT are down in the range of 3%-12%.
Nifty, after a gap down opening, is making lower top lower bottom pattern and traders are shorting on every rise.
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