Markets flat after early recovery

Markets had turned volatile in the lsat one hour of trade the Sensex was at 17,770 lower by 4 points and the S&P CNX Nifty was at 5314 higher by 2 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 followed by Hindalco Industries, BHEL, Bajaj Auto, Reliance Communication, Tata Motors and NTPC down 2-4% each. On the other hand, HDFC, Mahindra & Mahindra, ICICI Bank, Reliance Industries, HDFC Bank and Hindustan Unilever were among the gainers.

The broader markets were trading with a negative bias the, BSE small-cap index was down 2% or 165 points at 7829 and the mid-casp index had shed 114 points to 6422.

Bliss GVS was the tiop loser among the Small-cap stocks followed by MIC Electronics, Gujarat Apollo Industries, BL Kashyap and Allied Digital lower by 10-12%. Among the mid-cap stocks Parsvanath Developers led the losers charts, the stock was trading lower by 20% at Rs 32 followed by Prakash Industries, Jai Corp, BEML, Man Infra, Jyothy Labs and Punj Lloyd.

On the sectoral Realty index had shed more than 3% to 2097 followed by Power, Metal, Consumer Durables and FMCG indices lower by 1-2% each. FMCG, Capital Goods, PSU, Auto and IT indices also reeled under the selling pressure. Meanwhile BSE Oil & Gas index was the top gainer up 81 points at 9380 and Bankex was also higher by 47 points at 11,577.

Among the Realty stocks Parsvanath Developers was the top loser 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, Sobha Developers, Ackruti City and Anant Raj Industries were also among the loser.

The overall market breadth was negative as 2075 stocks declined while 609 stocks advanced.