The frontline stock indices gained some ground in early minutes of trade, reversing part of the previous session's steep losses registered on the back of disappointing RBI policy and Fitch's downgrade of India's outlook. The upswing in today's trade most probably has come in the wake of positive FII figure for Monday's trade. However, the overall undercurrent remains fragile amid deteriorating domestic fundamentals and worsening global macro-economic backdrop. The major indices are currently trading below the opening level. Sensex is trading near the level of 16700 i.e., down by nearly 10 points and the Nifty is trading near the level of 5055 i.e., down by nearly 10 points. This has led the midcap and the small-cap counters to trade negative. On the sectoral front, the indices are trading mixed. FMCG index is leading the list of gainers with gains of over half a percentage point while Realty index is leading the list of losers with losses of over a percentage point. Further, the market breadth is negative as only three stocks are seen advancing for every five declines.
(Pic. Source- bseindia.com)
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