Traders see mild shade of green at Dalal Street today

The Nifty showed a mild shade of green in early deals on Tuesday as traders covered some short positions after 3 days of relentless selling that pushed the market to fresh 14-month lows.

The Nifty rose 26 points, or 0.4 percent, to 7,585 points in early deals, recovering from an intra-day low of 7,540 points. Yes Bank, Tata Steel, GAIL, PNB and Tata Motors were the top 5 gainers on the Nifty while Cairn, Cipla, Lupin, Vedanta and Bosch continued to remain under selling pressure. The Advance-Decline Ratio on the Index was 30:20. Axis Banks, State Bank of India and ICICI Bank were the three top traded stocks on the National Stock Exchange and all of them quoted in positive territory.

The Sensex added 70 points to 24,963 at the start of trade on the Bombay Stock Exchange. The proceedings were dominated by lenders. Axis Bank, Hindalco, NTPC and Hero Motors were among the top 10 gainers while Cipla, Hindustan Unilever, Bharti Airtel and Dr. Reddy's remained in the red. As a consequence, the Advance-Decline Ratio was 16/14 on the Sensex.

Axis Bank, Larsen and SBI were the top traded stocks on the BSE.

The broader market showed traction in early deals. Smart gains were seen on sectors such as CNX Realty, CNX Metals, BSE Power and BSE PSU Indices. But the Advance-Decline Ratio favoured the bears with just 625 stocks rising compared with 973 that lost ground on the BSE.

The Derivatives space showed some positive action even though bears were seen resuming control on the F&O market. Shriram Transport, Hexaware, JSW Energy were top gaining futures, while Amtek Auto, Amara Raja Batteries and Strides Arcolab futures dipped in trade. The Advance-Decline Ratio was 71/85 in this part of the market. However, banks showed a strong start on Tuesday with all 22 banking futures exhibiting smart gains in initial trades. Those beaten down the most came back the strongest. Therefore, Punjab National Bank, Yes Bank, Canara Bank and Bank of India were the top gaining futures in the banking space. As a consequence, the Bank Nifty gained 157 points, or 1 percent, to 15,939 points. Modest gains were also seen on its peers, the CNX Finance and the CNX PSU Bank Indices.

Stocks making it to the top volumes buzzers list were Indian Hume Pipe Company, Marksans Pharma, Simplex Projects and Ramkrishna Forgings. The list of stocks hitting 52 week lows was populated by Allahabad Bank, Andhra Bank, Dhanlaxmi Bank and EID Parry to name a few companies.

(Image credits: Indiatimes)