Trades Volatile, FMCG Stocks Rebound

After seeing initial gains, the Indian equity markets corrected almost 100 points from their day’s high. The Nifty slipped below the 5800 mark on an intraday basis, but managed to bounce back from the crucial support areas. Buying was witnessed in FMCG shares and private sector banking stocks. In the afternoon trading session, the Nifty is up by 2 points at 5744 and Sensex has gained 52 points to trade at 19398. Both the indices are trading positive in the range of 0.03%-0.27%.

The advance-decline ratio is on the negative side. On the NSE, 834 shares are in the red and 424 shares are in green.

Top 5 NSE Gainers: Hindustan Unilever is leading the gainers list, up by 3.99%. Axis Bank, Jindal Steel and Power, HDFC Bank and HDFC are among the others leading the pack.

Top 5 NSE Losers: Jaiprakash Associates is among the top losers so far, down by 9.13%, followed by Ranbaxy, DLF, Bank of Baroda and ONGC.

4 of the 13 sectoral indices are trading in gains as of now. FMGC is higher by more than 1%, while Bankex is up 0.25%. The Healthcare and IT indices are trading flat with a positive bias. Realty and Oil &Gas are the strongest losers, down by over 2%.

The Asian markets are witnessing gains. Nikkei 225 is 2.41% higher and Shanghai Composite is trading up by 1.74%.

Buzzers: The shares of OnMobile Global are trading higher by 6% at Rs 21 after the company reported robust first quarter earnings, helped by forex gains. For the quarter ended June 2013, it saw a consolidated net profit of Rs 14 crore, up 47% from that of Rs 9.52 crore for the previous year corresponding quarter.

IRB Infrastructure is trading down by 22% at Rs 56.25 after the company decided to withdraw from the Rs 9360 crore Mumbai Trans-Harbour Link citing a poor experience on some other infrastructure projects in the state.

The Nifty has strong intraday support in the zone of 5710. On the higher side, the Nifty will face resistance around the 5760 level.