Market Recover From Lower End, Axis Bank Gains 2%
The Indian markets dipped over 100 points earlier today, but recovered their losses by mid-session. The Nifty is currently 7 points lower at 5920 and Sensex is down by 31 points at 19535. Both the indices are trading negative between 0.05%-0.13%.
The advance-decline ratio remains negative, with 579 shares trading in the green and 809 shares in the red on the NSE.
Top 5 Nifty Gainers: Axis Bank is leading the gainers list so far, up by 2%. HCL Tech, HDFC, Maruti Suzuki and IDFC are also trading higher.
Top 5 Nifty Losers: Bharti Airtel is trading lower by 2.7%, followed by GAIL, Ranbaxy Labs, Hindalco and Lupin.
10 of the 13 sectoral indices are still trading in negatives. Metals is the top loser, down by 82 points, Heathcare has lost 68 points and Oil & Gas is down by 43 points. Banks and Capital Goods are witnessing gains, up by 59 points and 68 points respectively.
All the Asian markets are trading lower. The Hang Seng is has dropped by 205 points, Nikkei by 110 points, the Taiwan Weighted is 85 points down, while Kospi and Shanghai Composite have dipped by 30 points each.
Buzzers: The shares of Sterlite Industries have declined by 1% after the Tamil Nadu Pollution Board moved the Supreme Court against the company’s unit.
McNally Bharat has said that it will consider allotment of equity shares on a preferential basis on June 10. The stock, however, is down 3%.
If the Nifty manages to stay above 5900 by closing, it could move further upwards.