Markets open flat with slightly negative bias; TCS top Nifty loser
At 9:15 AM, the BSE Sensex opened higher by 50 points at 29369, while the Nifty50 opened higher by 7 points at the 9112 mark.
Adani Ports is the top Nifty gainer and TCS is the top Nifty loser in the opening hour on Wednesday. Adani Ports is trading higher by 0.77% at Rs 321.8 per share whereas TCS is trading lower by 2% at Rs 2262.35 per share.
There are 575 advances, 1119 declines and 75 unchanged stocks on NSE reflecting strong negative bias floating in the market.
Nifty50 has immediate support placed around the level of 9,060, and if this support level is breached, it is likely to test the level of 9,000, which could act as a major support for the index. On the upside, immediate resistance is placed around the level of 9,165 and if it holds above the level of 9,165, it is likely to test the level of 9,220.
Yes Bank and IndusInd Bank will report their earnings for the fourth quarter today. Metal stocks would also be in focus since metal prices are in declining trend owing to geopolitical tensions and China’s aluminium output cut.
The rupee opened at Rs 64.60 higher by 3 paise.
The US markets shut lower on Tuesday, pressurised after a number of key companies let down with their quarterly earnings. The Dow Jones Industrial Average shed 113 points. Among the largest drags of the day was Goldman Sachs Group, which fell 4.7% after its results fell short of analysts’ forecast. Johnson & Johnson lost 3.1% as the company posted a drop in sales in the first quarter. The S&P 500 lost 7 points and the Nasdaq Composite Index slipped 7 points.
Asian markets are trading negative on Wednesday. The Japan’s Nikkei 225 is trading with losses of 6 points. Hong Kong’s Hang Seng has fallen 144 points and China’s Shanghai Composite has shed 21 points.