Market Hovering In A Range

After a positive opening to the day’s trades, the Indian markets have remained in a range. However, banking stocks have surged strongly and are trading on the higher side. Nifty is up by 31 points at 6030 and Sensex has moved 101 points higher to 20331. The indices have moved up in the range of 0.53%-0.50%.

The advance-decline ratio is on the positive side at this hour. On the NSE, 1766 shares are in the green and 1478 shares are in red.

Top 5 Nifty Gainers: Cairn India is leading the gainers list, up by 2.78%. ONGC, IndusInd Bank, Kotak Mahindra Bank and Bharti Airtel are the other stocks trading higher.

Top Nifty Losers:  Tata Motors is down by 1.8% so far, followed by Sesa Sterlite, Hindalco, UltraTech Cement and Bajaj Auto.

Most of the sectoral indices have held their morning gains. Bankex is up by 121 points, and Capital Goods and Oil & Gas are trading higher by 95 points each. Consumer Durables, Healthcare and FMCG are also up by more than 30 points. Mid-Caps and Small-Caps are up by 32 points and 40 points respectively.

In the Asian markets, Hang Seng remained higher by 116 points. Taiwan and KOSPI are also up by 20 points each. Straits Times and Shanghai Composite are still trading weak. 

Buzzer: Sesa Sterlite lost around 1.6% on the bourses and has made an intraday low of Rs 175.60 so far. The stock is trading below its major support of Rs 180. If it closes below this level, it may move down to Rs 150 in the next 2-3 trading sessions.

If Nifty Futures breaks and holds the 6050 level, it may move further upwards.