Markets choppy in noon deals

Markets had turned choppy in the past one hour, the Sensex was at 17,787 higher by 11 points and the Nifty was at 5316 up 4 points.

According to Deepak Singh Tanwar, a Mumbai based technical analyst, "After a sharp dip in the morning, the rally from the low has also been impressive. The outlook however is weak and the rally is of corrective nature. It will face strong resistance around 5370-5400. On the lower side, today's low could be considered an immediate support."

Jaiprakash Associates was the top loser among the Sensex stocks, the stock was at Rs 75 down 6.9%, followed by Hindalco Industries, BHEL, Tata Motors, Reliance Communication, Bajaj Auto, NTPC and Hero Honda down 2-4% each. On the other hand, Mahindra & Mahindra, HDFC, ICICI Bank, Reliance Industries, HDFC Bank and Hindustan Unilever were among the notable gainers.

On the sectoral front realty stocks continuesd to lose, index had shed more than 3.8% or 82 points to 2084 followed by Power, Consumer Durables, Metal and Capital Goods indices lower by over 2% each. PSU, auto FMCG and IT stocks also reeled under the selling pressure. Meanwhile BSE Oil & Gas and Bankex indices which were higher were now marginally in the green.

Among the Realty stocks Parsvanath Developers was the top loser down 20% to Rs 32, followed by DB Realty, the stock tanked after the promoter of the company Shahid Usman Balwa was arrested by CBI in the 2G spectrum case. Unitech, Orbit Corp, Anant Raj Industries, Sobha Developers and Ackruti City were also among the losers.

Among the power stocks Lanco Infra was the top loser followed by PTC India, GMR Infra, Adani Power, GVK Power and BHEL were losers.

The broader markets slipped further as the BSE small-cap index was down 2% or 212 points at 7783 and the mid-cap index had shed 140 points to 6397.