Markets open in red

Markets have opened in the negative zone, following cues from global markets. The Sensex is down 63 points at 18,140. Nifty is down 27 points at 5,504.

According to technical analyst, Ravi Nathani, "Nifty on charts has strong resistance at 5551; traders expect a halt / profit booking at this level for the week."

In US, Dow slipped 0.8pc, while Nasdaq and S&P moved down 0.5pc each.

In Asia, Hang Seng has dropped 0.6pc, while Nikkei and Shanghai are trading flat.

Most of the sectoral indices have also dropped into red with realty, auto and metal shares leading the fall. BSE consumer durables has slipped 1% to 6,380. OIl & gas, auto and realty indices are down half a per cent each. Meanwhile, the power index has added 2% to 2,311.

 

Coal India has slipped 3% to Rs 329. Sun Pharma, Hindalco and Sterlite have shed 2-3% each. Reliance Industries has slipped 1.7% to Rs 822 on continued fears of a dip in production from the KG-D6 basin.

Tata Motors has slipped 1.5% to Rs 282 after its 7% rally on Wednesday. DLF, Mahindra & Mahindra and TCS are also down in trades.

Meanwhile, BHEL has gained 3% to Rs 627, followed by BHEL, Cipla, Tata POwer and NTPC.

NIIT Tech bagged a Rs 300-crore deal to implement a Union home ministry’s project — Crime and Criminal Tracking Network System — which will be part of the proposed Natgrid. The stock is up marginally at Rs 251.

Marico has gained 4% at Rs 172 after acquiring the personal care portfolio of Paras from British consumer goods maker Reckitt Benckiser. While Marico did not disclose the deal size, analysts estimate the portfolio, which includes brands such as Livon, Set Wet and Zatak, to be valued at Rs 600-700 crore.

Kingfisher Airlines reported a 75% wider net loss in the quarter to end-December from a year earlier, as the ailing Indian carrier continued to feel the pinch of high fuel costs, a weaker rupee and fierce competition. The stock has, however, gained 2.8% at Rs 27.50.