Markets Make Some Recovery, IT Soars

After dropping under selling pressure in the opening session, the markets witnessed some recovery from the lower end in mid-session. IT and Healthcare stocks helped trim the losses. At present, the Nifty is down by 7 points at 6133 and Sensex is 10 points lower at 20655. The indices are trading in losses between 0.11%-0.05%.

The advance-decline ratio is on the negative side. On the NSE, 1546 shares are in the green and 1676 shares are trading in the red zone.

Top 5 Nifty Gainers: Cairn India is leading the gainers list, trading up by 2.2%. Other stocks trading higher include Dr Reddy’s Labs, Tata Steel, HDFC Bank and TCS.

Top 5 Nifty Losers: ACC is down by 3.5% so far, followed by Hindalco, BPCL, NMDC and Ranbaxy Labs.

The sectoral indices have moved into the negative zone. Capital Goods and Auto are down by 124 points and 74 points respectively. Metals and Oil & Gas have lost 50 points each. Mid-Caps and Small Caps are also trading down by 10 points. IT and Healthcare are the only sectors trading in gains, up by 55 points each.

The Asian markets continued to trade in positives in mid-session as well. The Hang Seng market has moved up by 320 points, followed by Nikkei, up 183 points. Straits Times and Shanghai Composite have also seen nominal gains.

Buzzer: Cairn has risen by around 2.2% and made an intraday high at Rs 319. The stock is trading above its major hurdle of Rs 310. If it closes below this level, it may continue with the upward momentum.

Nifty Futures has witnessed a recovery around its support level, which we had mention in our last update. If the index continues at these levels, it may close above 6200.