Markets lacklustre in morning deals

HUL, Sterlite Inds and Infosys top losers among the Sensex stocks

Markets are trading on a lacklustre note in the morning deals on the back of subdued global cues. The Sensex has shed 22 points at 16,859 and the 50-share Nifty has shed 6 points at 5,108 levels.

Most of the sectoral indices have slipped into the negative territory. FGMCG index is the top sectoral loser, down 0.6% or 31 points at 4,838 levels. Metal, IT, capital goods, consumer durables, auto and bankex indices are also trading weaker by 0.1-0.6% each. On the other hand, oil & gas, healthcare, realty, power and PSU indices are trading on a flat note, up 0.1-0.6% each.

From the Nifty pack, SAIL is the top loser, down 2% at Rs 88. Sterlite Industries, Hindustan Unilever, Infosys, Sesa Goa, Asian Paints, HCL Technologies and Tata Steel are also among the losers. At the same time, Tata Power, ONGC, Ambuja Cement, Grassim, TCS, Dr Reddy's Labs and Sun Pharma are the top gainers.

Among the individual stocks, Essar Oil is trading lower by 4% at Rs 53.10 on reports that the Gujarat High Court (HC) has directed the state government to expedite the recovery of the company’s sales tax deferral liability of about Rs 8,000 crore, including interest and penalty.

Manappuram Finance has rallied 6% to Rs 28.80, extending its 24% surged in past four trading sessions, after Baring India Private Equity acquired 5.94% stake in the company.
--------------------------------------------------------------------------------------
(Updated at 9.20 AM)

Markets have opened on a flat note in trades today tracking subdued global cues. The Sensex has opened higher by 22 points at 16,904 and the 50-share Nifty has advanced 6 points to open at 5,119 levels.

US stocks fell sharply on Monday as investors saw little reason to be optimistic about a European Union summit this week. The Dow Jones industrial average dropped 138 points to 12,503, S&P 500 Index slipped 21 points to 1,314 and Nasdaq Composite Index declined 56 points to close at 2,836 levels.

Asian markets were also trading lower. Shanghai Composite is down 10 points at 2,214, Nikkei has slipped
44 points to 8,690 and Taiwan is also down 37 points at 7,129 levels.

Back home, technical analysts believe that the crucial support for the Nifty is at 5,000 while on the upside resistance is at 5,200 levels.

Tata Power is the top gainer among the Sensex stocks. It has opened higher by nearly 2% at Rs 96. Jindal Steel, ONGC, BHEL, Gail India, Larsen & Toubro and Coal India have also opened higher by 0.5-1% each.

On the other hand, Tata Steel, Infosys, HUL, Bajaj Auto, HDFC, Wipro and ITC have opened in the red.

Most of the indices have opened on a flat note. Capital goods index is the top sectoral gainer up 0.7% or 65 points at 9,748. Realty, power, oil & gas, PSU, auto, healthcare and bankex have opened higher by 0.2-0.6% each. At the same time, IT,  FMCG and metal stocks are witnessing some amount of selling pressure. All the three indices have opened in the red.

Among the individual stocks, Spicejet has opened higher by 1% at Rs 33 on reports that the company is in discussions with Etihad Airways and Qatar Airways for a minority stake sale.

Manappuram Finance has zoomed 7.2% to open at Rs 29 after Baring India Private Equity picked up 5.94% stake in the company for an estimated Rs 136 crore.

The broader markets are also trading on a flat note. The BSE mid-cap index is up 17 points at 6,025 and the small-cap index is up 16 points at 6,439 levels.

The overall breadth is positive as 781 stocks are advancing while 422 are declining.