DSIJ Mindshare

Markets Flat, Await RBI Policy Meet

The Indian markets have opened on a flat note with a negative bias after the previous session’s pull-back. The global markets were seen trading in a positive zone in the morning session. The Nifty opened with a negative bias of 11 points at 5797 and Sensex was down by 9 points at 19,170. Both the indices opened down in the range of 0.20%-0.30%.

The advance-decline ratio is balanced in the morning session. On the NSE, 618 shares are trading in gains and 678 shares are down.

Top 5 Nifty Gainers: M&M is the top Nifty gainer so far, up by 2.9%, followed by Hero MotoCorp, Lupin, HDFC and Bharti Airtel.

Top 5 Nifty Losers: JP Associates is the top loser this morning, trading down by 1.8%, followed by Power Grid Corporation, Ranbaxy Labs, Sesa Goa and Jindal Steel.

Seven out of the 13 sectors are trading in the red zone. Bankex is the top loser, trading down by 84 points. Metals and Oil & Gas are also down by 48 points and 23 points respectively. FMCG and Mid-Caps are down by 26 points and 13 points correspondingly.

On the global front, the Asian shares are trading with a positive sentiment. The Hang Seng market is trading up by 282 points. Nikkei is up by 262 points, as the Taiwan and Shanghai indices are also trading on a positive note. The KOSPI market is, however, down by 6 points.

Buzzers: M&M opened with a positive sentiment, up by 2.3%. The stock made a high at Rs 978. It broke its stiff resistance in the morning session at Rs 970. If it breaks this level, we will see an up-move up tot Rs 1000 for the further trading session.

Bankers and economists believe that most people on the street do not expect the Reserve Bank of India to cut repo rate or cash reserve ratio (CRR).

The levels of 5780- 5760 will be the limit for the Nifty. It will face a major hurdle at 5835.

DSIJ MINDSHARE

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