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Markets have erased gains and is in the red this morning. The Sensex, after touching a high of 20,289, is now down 17 points at 20,207. Nifty is down 13 points at 6,143.
In the near-term, the Nifty is likely to move in a range of 6,130-6,230 till we see a breakout in either direction. The bias is likely to remain positive as long as the Nifty sustains above 6,130, technical analysts suggest.
Asian shares were mixed this morning. South Korean equities edged up 0.2 per cent after global markets mostly rose on Monday, but Japan's Nikkei index eased 22 points due to a pause in the yen's weakness. Hang Seng shed over a 100 points to 23,375.
Broader markets are in the red as well. BSE mid-cap index is unchanged at 6588. Small-cap index is down seven points at 6179.
The realty index has seen selling pressure and is down 1% at 1995. Auto index is down 1% as well on pressure in select stocks. On the other hand,the IT index is up 0.5% at 6015. The rupee, meanwhile, strengthened by 16 paise to trade at 54.95 against the dollar at the Interbank Foreign Exchange on selling of the US currency by exporters.
Among individual stocks, Adani Enterprises slipped into the red with a net loss of Rs 73.6 crore on standalone basis for the quarter ended March 2013, as compared to a profit of Rs 170.5 crore in the previous corresponding period. The stock is down 1.2% at Rs 240.
India Cements is down half a per cent on reporting a 60 per cent dip in net profit at Rs 26.28 crore for its March 2013 quarter.
Divi’s Laboratories has dipped 6% to Rs 1,030 after reporting 17% year-on-year (yoy) decline in its consolidated net profit at Rs 181 crore for the fourth quarter ended March 31, 2013 , due to foreign exchange loss during the period.
