Sensex slips into red; Nestle becomes top Sensex gainer, Bajaj Finserv tanks

Market Update at 12:45 PM: Sensex slips into the red as it finds it difficult to hold onto its gains built in the morning session. After a stellar two-day rally in equity markets, profit booking was expected in markets in today's session.  

Nestle, with gains of 1.7 per cent, is the top-performing Sensex stock, followed by Sun Pharma, which is up by more than 1 per cent. Tech Mahindra and Reliance along with SBI are also trading up by more than 1 per cent each.  

Besides, Bajaj Finserv is the top loser in Sensex pack, followed by M&M and ONGC.  

BSE Mid-cap and BSE Small-cap indices are outperforming Sensex, trading higher by 0.66 per cent and 0.72 per cent, respectively.  

Meanwhile, auto, banking, metal and oil & gas stocks continue to drag markets in today's session even as realty stocks shine.  

Market Update at 10:05 AM: Sensex opened in red in today's trading session. It is now up by more than 50 points, supported by SBI, Power Grid, and Tech Mahindra.  

SBI is the top Sensex gainer, up by 1.78 per cent. BSE Mid-cap and BSE Small-cap indices are seen outperforming Sensex in today's trading session. 

Centrum Finance, Brigade Enterprises, and Praj Industries are the top small-cap gainers.  

Godrej Industries, NCL Industries, and Adani Power are the top performing mid-caps in today's session. 

BSE Realty and BSE Utilities indices are seen outperforming in the bourses, while BSE Auto, BSE Bankex, and BSE Metal indices are trading in red.  

Pre-Market: After a long-haul, Nifty, finally reclaimed its important psychological mark of 15,000 with a gap-up on Tuesday. It opened the session at 15,067 and went on to register a high of 15,137 and ended at 15,108, up by 1.24 per cent.   

Nifty gained almost 430 points in the last two trading sessions. With this, it has registered a breakout of its almost 50-day old descending channel, despite the breakout intraday trading range remaining nearly 94 points. This is below the 10-day average range and can be a cause of concern.   

The gap, which was formed on Tuesday, can be termed as a breakaway gap. A breakaway gap occurs when price breaks out from an area of consolidation, which indicates the start of a trend from any consolidating pattern. Interestingly, India VIX cooled off by 1.87 per cent to 19.24.   

Currently, Nifty is trading above the 20, 50 and 100-DMA, which indicates that the trend is positive. The RSI for the first time closes above the 60-mark since the latter part of February. The daily MACD is bullish and remains above the signal line. Moreover, the positive directional indicator crossed above the negative directional indicator.   

Overall, the bulls are in a sweet spot, and as long as the index stays above the level of 14,880, it would be a buy-on-dips market.