Market Lose Initial Gains
Suparna / 07 Jan 2014
The indices remain weak for the second consecutive day, and have tanked sharply after seeing some gains early this morning. All the sectoral indices are also trading in the red.
Triggered by firm trades in the Asian markets, the Indian indices opened flat, positive today. However, heavyweights like ITC, HDFC Bank, Infy, RIL, Axis Bank, HDFC and TCS witnessed selling pressure, which pulled the market into the red. Nifty is down by 46 points at 6144 and Sensex has lost 140 points to touch 20647. Both indices are down in the range of 0.70%.
The advance-decline ratio is positive in the morning session. On the NSE, 1525 shares are trading in gains and 1333 shares are down.
Top Nifty Gainers: Maruti Suzuki is the top gainer for today’s morning session, up by 1.18%, followed by Dr Reddy’s Labs, Sun Pharma, Hero MotoCorp and Cairn India.
Top Nifty Losers: Axis Bank is down by 2.84%, followed by Wipro, Kotak Mahindra Bank, Tata Power and Bank of Baroda.
All the sectoral indices are trading in the red. Bankex continues to remain lower since yesterday, trading down by 147 points. Oil & Gas is down by 77 points and IT has lost 57 points. Mid-Caps and Small-Caps are also down by 56 points and 3 points respectively.
All the Asian shares are witnessing a positive sentiment. Hang Seng is the highest gainer so far, up by 78 points, and Taiwan Weighted has gained 26 points. Nikkei is trading down by 113 points.
Buzzer: Maruti Suzuki has risen 1.92% to Rs 1842.90. The stock has hit its intraday and 52-week high of Rs 1848.95.
Nifty Futures has broken a major support around the 6200 level. If the index moves below this level, it may see more of a downfall.
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