Nifty Drops Below 5600, Bankex Down 1.5%
Suparna / 12 Aug 2013
The Indian markets did not manage to hold their morning gains. The impending release of the IIP data today is one of the factors that are causing volatility in the index. The Nifty is 10 points higher at 5578 and Sensex is up by 82 points at 18870.
The Indian markets witnessed a gap-up opening today, but did not manage to hold their gains. The impending release of the IIP data today is one of the factors that are causing volatility in the index. Currently, the Nifty is 10 points higher at 5578 and Sensex is up by 82 points at 18870. Both the indices opened up in the range of 0.29%-0.45%.
The advance-decline ratio is on the positive side. On the NSE, 1805 shares are trading in gains and 1480 shares are down.
Top 5 Nifty Gainers: Sun Pharma is the top gainer for this morning, up by 7.4%, followed by Tata Steel, Jindal Steel, NMDC and Cipla.
Top 5 Nifty Losers: SBI is the strongest loser so far, down by 2.9%. IndusInd Bank, PNB, Dr Reddy’s Labs and Asian Paints are the others trading lower.
10 out of the 13 sectors are trading in the green zone. The Metals index is the top gainer, up by 211 points, Healthcare is up by 175 points and Auto has gained 85 points. Mid-Caps and Small-Caps are both 40 points higher. Bankex, however, is down by 97 points.
Among the Asian markets, Nikkei is down by 118 points. The Hang Seng is trading higher, up by 417 points. Shanghai Composite and KOSPI are also in positives.
Buzzer: SBI has opened with a negative bias today. At the current level, the stock is down by 3.5% and has made a new 52-week low of Rs 1597.40. Today, the bank will announce its Q1 numbers, which will decide its further course.
The Nifty Futures have a crucial resistance at the 5625 level. If it moves below this level, the index will remain in selling pressure.
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