Markets Pare Losses, RCom Surges To New High

The Indian markets have pared some of their losses in the afternoon trading session, led by Metals and Consumer Durables stocks. The Nifty managed to bounce back to levels of 5800 and is trading marginally lower by 6 points at 5806. The Sensex is trading down by 29 points at 19,196. Both the indices are trading lower by 0.11%-0.16%.

The advance-decline ratio is trading in positives in the afternoon trading session. On the NSE, 688 shares are trading in the green and 544 shares are in the red.

Top 5 Nifty Gainers: Jindal Steel and Power is the top gainer so far, up by 7.15%. Sesa Goa, IDFC, Lupin and Ambuja Cements are the others in gains.

Top 5 Nifty Losers: UltraTech Cement has dropped 2%, followed by Tata Motors, Coal India, Dr Reddy’s Labs and NTPC.

Most of the sectoral indices are in the red. The Auto and PSU are trading lower in the range of 0.43%-0.47%. On the other hand, Metals and Consumer Durables are both trading higher by 1%.

On the global front, most of the Asian markets are trading lower. Shanghai Composite is trading lower by 0.76%, followed by Kospi, Hang Seng and Straits Times. Japan’s Nikkei 225, though, surged by 1.80 to 13,245.

Buzzers: Reliance Communications has surged 2.86% to Rs 127.40. The stock is trading higher for the third straight day, hitting a fresh 52-week high after the Telecom Regulatory Authority of India reduced the ceiling for national roaming calls and SMS.

Dr Reddy’s Labs is trading lower by 1.34% at Rs 2102 after US-based drug maker AbbVie Inc., the spun-off entity of Abbott, has dragged Dr Reddy’s Labs to court for allegedly infringing the former’s patented drug Zemplar on six counts concerning three patents.

The Nifty is hovering around the 5800 mark and needs to sustain above 5820 to see a fresh spurt. Support for the index stands at 5780-5770, and if it breaks this support, it may touch the 5755 level.