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Nifty, Sensex trade in the red; Nifty dips below 10,600

Manipal Health’s new proposal is a multi-step complex offer, which includes demerger, stake sale, merger, rights issue, open offer, debt issuance and brand sale. The deal values Fortis Healthcare at Rs161/share.
Nifty has slipped lower after opening on a flat note. The metals and banking stocks are the top losers.

Immediate support for Nifty is seen around the 10,500-10,520 zone. Bank Nifty, on the other hand, traded near day’s low, heading towards its support zone of 24,840 levels.

At 11:26 AM, the BSE Sensex was trading at 34,539.38, down 77 points, while the Nifty50 index was trading at 10,585.25, down 29 points.

The BSE Midcap was down by 0.19% and the BSE Smallcap indices was up 0.11%.

Advanced Enzyme Technologies pushed higher by over 2% as HDFC Mutual Fund bought 1.97% stake in the company. The fund house on Tuesday picked up 22 lakh shares in the company at Rs226, bulk deal data on the NSE website showed.

Shares of the Pune-based software developer, Zensar Technologies, rose as much as 2% to record high of Rs1,180 after its board approved stock split in ratio of five shares for every one share held.

Shares of the Delhi-based packaged food and fertilizer maker, DCM Shriram, fell as much as 12.75%, the most in 17 months after its profit in March quarter declined 67%.

Shares of Raymond rose as much as 2.42%, the most since April 9 after its board approved Rs300cr development plan for 20 acres of land in Thane near Mumbai.

Bharti Airtel rose as much as 4.3%, the most in a month, to Rs419.7 after it announced profits in March quarter led by improvement in Africa business.

Airtel (+4.11%), TCS (+1.84%), Wipro (+1.78%), BPCL (+1.78%), and Tech Mahindra (+1.14%) were the top gainers on Nifty50.

NTPC (-1.82%), ZEEL (-1.80%), Vedanta (-1.71%), Hindalco (-1.71%) and Cipla (-1.56%) were the top losers in today’s trade.

Out of 2,043 stocks traded on the NSE, 640 advanced, 1003 declined and 400 remained unchanged today.

A total of 34 stocks registered a fresh 52-week high in trade today, while 53 stocks touched a new 52-week low on the NSE.