Nifty volatile on quiet global cues; tech slips

Indian equity benchmarks were moderately lower in the opening trade today following quiet trade across the globe. Indices have been consolidating for the third consecutive session today.

According to Sonam Udasi head of research at IDBI Capital, the Nifty should consolidate at these levels. "Though the momentum is showing a bit of positivity in the near-term, the noise about the headwinds on crude and inflation we feels are getting stronger by the day and that should prevent a huge upside from here. Thus we foresee challenges in the near-term," she explains.

She sees the Sensex hovering between 17,000 and 19,500 in the near-term.

At 9:18 hours IST, the 30-share BSE Sensex was trading at 19,575, down 36 points and the 50-share NSE Nifty fell 12 points to 5,879.

Among frontliners, Sesa Goa (down 2% on profit booking), Cairn India, Maruti, Tata Motors, Infosys, TCS, SBI, Bharti Airtel, Jaiprakash Associates, HDFC Bank and Kotak Mahindra Bank were dragging the markets down marginally.

However, Power Grid, DLF, GAIL, ONGC, HDFC and Axis Bank were witnessing buying interest.

However, the CNX Midcap Index rose 12 points to 8,354. About 570 shares advanced as against 330 shares declined on National Stock Exchange.

Midcap & Smallcap space:

Lanco Infratech gained 2%. GVK and GMR were up 1.4%. HCC was up 0.5%.

AP Paper went up 1.5%. The stock surged 150% in last 15 days after the deal with US based International Paper.

DB Realty was up 1.7% and Radico Khaitan up 6%.

GVK Power rallied 2% and Persistent jumped 4%.

MTNL was up 3%. Vishal Retail surged 10% ahead of board meeting on April 9 for change of name and other objects of business.

However, Idea tanked 2%.

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Global cues:

Asian markets were mixed in trade. Nikkei gained 0.5% while others were flat.

The US markets ended flat amid Portugal news on Wednesday and ahead of ECB & BOE announcement.

Portugal is going to seek bailout from the European Union worth nearly USD 107 billion, joining Greece and Ireland ((market believes that this removes a cloud of uncertainty over the euro zone and has a good chance of ending the spread of debt market crises to fresh countries in the region))

The Dow Jones Industrial Average ended up 33 points at 12,427. The NASDAQ Composite was up 9 points at 2,780 and S&P 500 index was up 3 points at 1335.

Commodities

May crude oil contract went up 0.5% at USD 108.83 a barrel

May natural gas contract was down 1.9% at USD 4.15 per MMBtu, fourth consecutive sell-off

June gold contract was up 0.8% at USD 1458/ounce, hit new all-time high at USD 1467.4 an ounce

Silver was up 0.7% at USD 39.4/ounce; hit yet another 31 years high at USD 39.785 an ounce

Baltic Dry Index was down 3%

F&O cues:

Total Futures Open Int down Rs 16 crore, Total Options Open Int up Rs 2519 crore

Total stock futures Open Int add 69 lakh shares in Open Int

Nifty futures Open Int add 3k shares in Open Int, premium down to 19 pts from 22.55 pts

Nifty Open Int PCR down at 1.37 versus 1.41     

Total Put adds 11.33 lakh shares, call adds 21.82 lakh shares

Highest Open Int outstanding at 6000 call, 5700 put and 5900 put 

Nifty 5900 call adds 6.10 lakh (13%) shares in Open Int; prem down from 123 to 104

Nifty 5900 put adds 5 lakh (18.5%) shares in Open Int; prem up from 86 to 96

Nifty 6000 call adds 3.44 lakh (5.7%) shares in Open Int; prem down from 75 to 60

Nifty 6200 call adds 4.12 lakh (19%) shares in Open Int

Nifty May 5700 put adds 3.13 lakh (29%) shares in Open Int

Nifty May 5600 put adds 2.59 lakh (43%) shares in Open Int

Nifty 5400 put sheds 10.79 lakh (19%) shares in Open Int

Nifty 5300 put sheds 1.04 lakh (3.3%) shares in Open Int

Nifty 5700 call sheds 0.81 lakh (3.1 %) shares in Open Int

India VIX up 2.31% at 20.36%

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