Markets lack direction

It has been a dull session of trade marked by the absence of any discernible trend, one way or the other. One may blame the global scene, for a mixed set of cues have been emanating from the five continents. For while the US markets seem positioned for a positive opening, Europe has a jaded look. The Sensex is quoting at 17942, lower by 35 points and the Nifty is at 5394, down four points.

The Dow futures are up 36 points in pre-market trades, while European markets are trading flat, with a negative bias. in red. CAC is down 0.16% at 3488, and DAX and FTSE are down 2 points at 5987 and 5212 respectively.

The top losers on the BSE are ICICI Bank (weakened by 1.3% at Rs 890), MARUTI (shed 1.1% at Rs 1348) and ACC (shed 1% at Rs 815). Tata Power, Infosys and DLF are the other significant losers. And index heavyweight RIL hs edged lower by 0.6% at Rs 1051.

On the other hand, M&M has strengthened by 1.9% at Rs 629, Bharti has gained 1% at Rs 298 and Tata Steel has hardened by 0.9% at Rs 535.

The market breadth is positive. Out of 2943 stocks traded on the BSE, there are 1447 advancing stocks as against 1388 declines.