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Markets open with mild cuts. Metals down.

Markets have opened in the red with moderate cuts seen on the indices. However some of the stocks from specific sectors have seen major declines.

At 9:30AM, the Nifty has been holding up with 36 points cut, at 5206, down by -0.7%. It would be interesting to watch if the index can hold on to the 200 day moving average, close to the 5170 level. Analysts expect a major cut in the markets, if Nifty breaks down this below this.

Stocks from the metal space have seen cuts. Sterlite has fallen over 2.5%. Hindalco has seen another cut of 2%. Tata steel is down by a percent, while Jindal steel is down by 2%.

ONGC has fallen by 1.4%. This has dragged the index significantly.

ICICI Bank and HDFC Bank are trading with 1% cuts. SBI has also seen 1.2% decline.

L&T, HDFC, Tata motors, Maruti, NTPC have all opened with moderate cuts.

Punj LLoyd is down to 53.40, with 1.7% cut. JPAssociates is down by 2%. Unitech has also seen a cut of over 2%. GujNRECoke is down by 0.7%.


 

 

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