Markets Under Pressure, Gold Stocks Lose Shine
Suparna / 24 Jun 2013
The Indian equity markets have started the trading session on a lower note, tracking weak global cues. The Nifty is trading lower by 49 points at 5919 and Sensex is at 18,633. The Asian shares have fallen to a fresh 9-month low.
The Indian equity markets have started the trading session on a lower note, tracking weak global cues. Asian shares have fallen to a fresh 9-month low, as investors worried about China’s economic and financial stability. In the morning trading session, the Nifty is trading lower by 49 points at 5919 and Sensex is at 18,633. Both indices are trading down in the range of 0.79%-0.87%.
The advance-decline ratio is on the negative side in the morning session. On the NSE, 268 shares are trading in green and 829 shares are in the red.
Top 5 Nifty Gainers: Hindalco Industries is the top gainer so far, trading up by 2.07%. Tata Power, Bank of Baroda, Tata Steel and Lupin are among the others trading positive.
Top 5 Nifty Losers: Jaiprakash Associates is down by 8.07%, followed by Cairn India, Ranbaxy, Bharat Petroleum and GAIL.
On the NSE, 12 out of the 13 sectoral indices are trading lower. Metal is the lone sector seeing buying interest and is up by 0.47%. Consumer Durables and Realty are the top losers, down by over 2% each.
As stated above, the Asian markets are currently trading negative. China’s Shanghai Composite has dipped by 3.10% to 2010.77, the Hang Seng is down 1.59%, and Straits Times and Nikkei 225 are also trading lower.
Buzzers: Companies engaged in the gems and jewellery business are under pressure on the bourses and trading lower up to 20% on concerns that the initiative taken by the RBI and the government to curb gold imports may impact the sector’s growth. The stocks of Gitanjali Gems, Tribhovandas Bhimji Zaveri and PC Jeweller are all under pressure.
Jindal Steel and Power has dipped by 1.1% to Rs 202 this morning over reports of the CBI questioning the company’s promoter Naveen Jindal in connection with an for alleged cheating while applying for coal blocks.
The Nifty opened gap down today and took support around the 5610-5600 levels. This will act as an important level for bulls. If the index breaks below this level with good volumes, 5500 will be a short-term target.
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