Markets Witness Profit Booking
Suparna / 03 Sep 2013
The Indian markets turned on their heels and dipped on some profit booking at the higher levels in the morning session. Nifty is down 52 points at 5495 and Sensex is lower by 154 points at 18730. BHEL has surged over 3% in the morning session.
While the Indian markets had been opening on a positive note for a few days in succession, they witnessed some profit booking at the higher levels in today’s morning session. Currently, the Nifty is down 52 points at 5495 and Sensex is lower by 154 points at 18730. Both indices opened down in the range of 0.83-1.05%.
The advance-decline ratio is balanced as of now. On the NSE, 1607 shares are trading in gains and 1697 shares are down.
Top 5 Nifty Gainers: BHEL is the top gainer for today’s morning session, up by 2.8%. Tata Motors, ONGC, DLF and Lupin are the others trading higher.
Top 5 Nifty Losers: HDFC is the top loser so far, down by 3.8%, followed by Hero MotoCorp, IndusInd Bank, Reliance and HUL.
On the sectoral front, 8 out of the 13 sectors are trading in the red. Bankex is the top loser, and fell 124 points. FMCG and Oil & Gas were also both down by 49 points and 45 points respectively. Metals, on the other hand, surged by 46 points. Mid-Caps and Small-Caps are also trading with nominal gains of 10 points each.
The global markets are in the positives. Nikkei showed strength and was up by 375 points, and Hang Seng was also up by 241 points. Taiwan Weighted and Straits Times are trading with a positive bias.
Buzzer: BHEL has surged over 3% in the morning session after the company announced a merger with Bharat Heavy Plate & Vessels. The stock broke the technical level of Rs 125 and may touch Rs 128 if it continues with this movement till closing.
Nifty Futures took support around the 5480 level. If the index breaks this level, it may see more weakness in further trading sessions.
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