Markets edge lower as heavyweights decline

HDFC twins, SBI and TCS weigh on the benchmark indices in noon deals

Markets continue to remain choppy with the benchmark indices giving off most of its morning gains in early noon trades. Sell off in HDFC twins, SBI and TCS dragged the benchmark indices lower.

At 1300 hrs, the Sensex was up three points at 24,238 and the Nifty was flat at 7,235.

In the broader markets, the mid and smallcap indices were up 0.4% each, outperforming the BSE benchmark index which was flat.

On the sectoral front, Health Care, FMCG, Oil & Gas and Realty indices advanced 1-2%.

On the other hand, banking index was the major laggard down over 1%. Consumer Durables and Auto indices were down 0.8% and 0.2% respectively. IT index was flat with a negative bias.

FMCG major, Hindustan Unilever up nearly 4% was the top Sensex gainer.

ONGC, Cipla, NTPC, Gail India, Sun Pharma, Tata Steel, Bharti Airtel and Dr Reddys Lab up 1.5-3% were the other notable gainers.

Financial majors SBI and HDFC twins down 1-2% were the top losers. TCS, Axis Bank, Tata Motors, Maruti Suzuki and Wipro were some of the other names in red.

In individual names, DLF, India's largest realty company, soared 2% to Rs 208 on the BSE after posting a net profit of Rs 410 crore for the quarter ended March 31, 2014 compared to Rs 196 crore in the year-ago period.

Ashoka Buildcon jumped 3.6% to Rs 134.65 on the BSE after the company emerged as the lowest bidder for the project viz. Composite Tender for Rural Electrification works under Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY) in Xllth Plan and strengthening of Distribution Network under Special Plan (BRGF) for Vaishali District in Bihar.

The market breadth was very positive on BSE. 1536 stocks advanced while 1181 stocks declined.

Asian indices were mixed ahead of key data from China at the weekend. Hang Seng up 0.4% was the only major market in green. Meanwhile Nikkei was down 0.3% along with Straits Times, Taiwan Weighed, Kospi and Shanghai Composite down 0.1-0.9%.