Markets continue trading flat

Markets are trading marginally down in late-morning deals with the BSE Sensex at 15,407, down 48 points and the Nifty at 4,612, down 12 points. The markets have been trading flat since their opening, in the absence of global cues. Most markets across the globe, including the US and Asia, are closed for trading.

Bajaj Auto is dragging the Sensex, accounting for a 13-point loss on the benchmark index. The scrip slipped almost 5% to Rs 1,516 after the company reported 18% month-on-month (m-o-m) basis drop in total sales to 3,05,690 units in December 2011, as compared to 3,74,477 units sold in November 2011.

Other prominent losers from the Auto pack are Hero MotoCorp, Bharat Forge, Mahindra & Mahindra and Cummins India, down 1-4% each.

BSE Realty, FMCG, Power and Metal indices have shed nearly 1% each.

Among the Sensex 30 stocks, DLF, Hindalco Industries and Jindal Steel, have shed 2-3% each.

Coal India, TCS, Tata Motors, ICICI Bank and Reliance Industries are the notable gainers from the pack, up 1-2% each.

Coal India is trading higher by 2% at Rs 308 after the company entered into a new pricing policy, effective today. The board of directors of the world’s largest coal producer at its meeting held on December 30, 2011, has approved switching over of non-coking coal pricing from Useful Heat Value (UHV) based grading system to Gross Caloric Value (GCV) based classification w.e.f. January 01, 2012.

Bayer CropScience has rallied 4% to Rs 741 after the company said it has received an advance payment of Rs 260 crore from Agile Real Estate Private Limited for the proposed sale of 100 acres land in Thane, near Mumbai.

However, the overall market breadth is positive as 1,186 stocks have advanced against 974 declining ones, on the BSE.