How the Markets opened today

Major Indices were muted in early deals as markets digested strong gains over Wednesday. The Nifty failed to go past 8,450 points, which is proving to be a strong resistance for the moment. Long positions on the Nifty should not be held if the Index slips below 8,400 points.

The Advance-Decline Ratio on the Nifty was 27:21. BPCL hit fresh highs on the Index. Idea, Bajaj Auto and Reliance Industries were major gainers on the Nifty and Hindalco, Tata Motors and Tata Steel posted modest gains on the Sensex.

While leading indices were in an intra-day sideways trend at the start of the day, positive action was witnessed on the Small Cap and Mid Cap Indices. Both showed gains in excess of 0.6% each. Meanwhile, CNX Finance Index and CNX IT Index slipped a bit.

Major stocks in action:

1. TVS Motors: Strong numbers for the month of June propelled the bike maker to jump 3 percent to 253.40 rupees.

2. Religare Enterprises rose 3.5 percent to 331.50 rupees after The Economic Times reported the promoters were keen to exit the brokerage services provider.

3. Ashok Leyland gained 2.1% to 75.65 rupees in the aftermath of strong monthly sales being reported for June.

4. Nestle rose 2 percent to 6,275 rupees after the Bombay High Court ruled that FMCG giant was free to export Maggi to overseas markets.

5. Pantaloon Fashion Retail jumped 4.6 percent to 188 rupees after 76.5 lakh shares were traded in a single block deal

6. Vakrangee Software leapt 7.5 percent to 128 rupees on news that a major overseas fund had purchased a substantial minority stake in the company.

(Image credit: Indiatimes)