Indian stocks snapped a three day winning streak early morning today

Indian stocks snapped a three-day winning streak on Tuesday as traders preferred to book partial profit ahead of crucial earnings data from market heavyweights. Midcaps were in demand in the capital goods, power and technology sectors.

The Nifty fell 6 points to 8,268 at the start of play with Cipla, Hindalco, Vedanta, ACC and Bharti Airtel dipping in trade. Strong buying was witnessed in Tata Motors, TCS -- post the sharp fall in the price after earnings -- Lupin, GAIL and Infosys to begin with. The Nifty saw an Advance-Decline Ratio of 22/28 and Lupin, SKS Micro and Cipla were the top traded stocks on the National Stock Exchange.

Broader indices were flat but positive traction was seen on the CNX Mid Cap and the CNX Small Cap benchmarks. The trend remained mixed in the sectoral space with benchmarks representing banking, FMCG, Energy, Metals and Pharma sectors slipping in early deals. Indices tracking the realty and software sectors inched up in trade.

Sentiment was flat on the Bombay Stock Exchange with the Sensex trading 20 points lower at 27,345 levels. Cipla, Hindalco, ONGC, ITC and Coal India were under pressure while NTPC, BHEL and Infosys rose in trade. The Advance-Decline Ratio on the Sensex stood at 13/17.

Cipla, Tata Motors and TCS were the top traded stocks on the BSE.

While major benchmarks remained flat, the bulls retained control of the overall market where 1,139 shares gained compared with 601 that fell.

Trading turnover was modest in the futures and options space where mid cap futures were in heavy demand. Smart gains were seen on Power sector futures such as Reliance Power and Adani Power. IDFC, Adani Enterprises and Hexaware were among the other strong gainers. Profit booking was witnessed on Cipla, Hindalco, Marico and IFCI futures. Overall, there were more gainers in the derivatives space compared with losers.

Schneider Electric Infrastructure, AstraZeneca Pharma and Repro India were some of the major stocks figuring on the volume buzzers list on the NSE.


(Image credits: Indiatimes)