Markets consolidate; Capital Goods, Oil & Gas indices at multi year highs

Tata Motors, TCS, Hindalco, Infosys and Sun Pharma down 2-3%, cap gains

Markets remain under pressure, dragged down by information technology stocks as investors turn towards cyclicals driven by hopes of a recovery led by the forthcoming government at the centre.  

At 1400 hrs, the 30-share Sensex was up 10 points at 21,930 levels while the 50-unit NSE Nifty was up almost seven points at 6,533 levels.

Earlier in the day, the Sensex's surged to all-time high of 22,005.54 points marking its third consecutive record high in as many sessions, while the Nifty hit a second consecutive milestone at 6,545.10 points.

However, the broader markets were resilient with the smallcap index up 0.6% and the midcap index advanced 0.4% as investors turned towards broader markets owing to attractive valuations in the space.

The rupee is trading at 61.10 versus its close of 61.08/09 on Friday, tracking losses in most other Asian currencies after the better-than-expected US payrolls data.

Sectors & Stocks

Defensive pockets like IT, FMCG and Health Care indices were among the top losers, down 1-2.5%.

Metal and Consumer Durables indices were down 0.6-1% after the sharp run-up last week.

Oil and Gas index up 2% was at a 13-month high as sector heavyweights RIL and ONGC advanced 2-3%.

Capital Goods index up nearly 2.5% and the top sectoral gainer was trading at a 25-month high.

Tata Motors, TCS, Hindalco, Infosys and Sun Pharma down 2-3% were the top losers among sensex-30.

Dr Reddys Lab, Gail India, Tata Steel, Wipro and Sesa Sterlite down 1-2% were the other notable losers.

Among the gainers were Maruti Suzuki, BHEl, Mahindra & Mahindra and Reliance Industries up 3% each.

L&T was up 2.7%, trading close to its 52-week high, after the company said it has won new orders worth Rs 2,935 crore across various business segments in February and March 2014.

The market breadth was marginally positive on the BSE. 1360 stocks advanced while 1315 stocks declined.

Global Markets

Asian stocks fell sharply on Monday and the dollar stepped back from its recent highs as surprisingly weak Chinese trade data rattled investors already on edge over the crisis in Ukraine.

Investors greeted the new week in Asia on a cautious note after data issued on Saturday showed China's exports unexpectedly tumbled in February, swinging the trade balance into deficit and adding to fears of a slowdown in the world's second-largest economy.

The soft Chinese data put a damper on risk sentiment, which had been temporarily boosted by stronger-than-expected U.S. nonfarm payrolls out on Friday showing employers had added 175,000 jobs to their payrolls last month, up from 129,000 new positions in January.

MSCI's broadest index of Asia-Pacific shares outside Japan lost 1.4%, and Tokyo's Nikkei stock average shed 1.0%, retreating from Friday's six-week high.

China's CSI300 index slid to its lowest in nearly nine months, and Hong Kong's Hang Seng Index shed 1.8%.