Bears Take Over After A Positive Opening
Suparna / 19 Dec 2013
The Indian markets opened higher today, but promptly slipped into the negative zone. The global developments have clearly been taking a toll on the domestic index. Banking stocks have taken the strongest beating, while the IT sector has gained from weakness in the rupee.
The Indian markets opened on a positive note today, but then moved into the negatives and have stayed there thus far. The global developments have clearly been taking a toll on the domestic index. Nifty tanked by 53 points to 6163 and Sensex is 179 points lower at 20680. Both the indices are trading down by around 0.83%.
The advance-decline ratio has been nominally negative in the morning session. On the NSE, 1547 shares are trading positive and 1594 shares are in negatives.
Top Nifty Gainers: HCL Tech is the top gainer for the morning session, up by 2.21%. Jindal Steel, Sesa Sterlite, Lupin and Ranbaxy Labs are among the other stocks trading higher.
Top Nifty Losers: Kotak Mahindra is down by 2.95%, followed by Power Grid Corp, L&T, PNB and Hero MotoCorp.
10 out of the 13 sectors are trading in the red. Bankex has lost as much as 245 points, Capital Goods is lower by 174 points and Oil & Gas is down 118 points. Mid-Caps and Small-Caps are also trading with a negative bias, down 22 points and 8 points respectively. The only sector to have gained was IT, aided by weakness in the rupee. The sector is showing substantial strength, appreciating by 165 points so far.
Among the Asian markets, Nikkei is the top gainer, up by 287 points, and Taiwan Weighted is up by 45 points. KOSPI and Shanghai Composite, however, are trading with a negative bias.
Buzzers: Most of the banking stocks are trading lower. Leading names in the sector including Kotak Mahindra Bank, PNB, ICICI Bank and Axis Bank were under selling pressure in morning trades.
Nifty Futures is trading at a near-term support of 6170. If the index falls below this level, it may drop further to around 6130.
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