Markets languish in the red

Markets continued to trade in the red. Both the benchmark indices (Sensex, Nifty) failed to hold their respective support levels of 18,000 and 5400. The downtrend in today's session can be attributed to the selling pressure witnessed by the index heavyweights like Reliance Industries, TCS and Infosys Technologies.

At 12.30 PM the Sensex was at 17,923, down 63 points and the Nifty lost 17 points at 5380 level.

According to Salil Sharma, technical analyst, "The Nifty is trading in a range between 5380-5600 and if the lower level will broken then it would head towards 5312. If that level is broken then the nifty would test its support at 5177". 

Infosys is the top loser among the Sensex stocks, down 2% at Rs 2,742. TCS, ONGC, Reliance Industries, HDFC, Mahindra & Mahindra, Hindalco and NTPC were also trading lower by 1-1.7% each. On the other hand Tata Steel, Bharti Airtel, Hindustan Unilever, Tata Power and Bajaj Auto are among the gainers.

On the sectoral front BSE IT index was the top loser, the index slipped 1.7% or 99 points to 5835 level. BSE Oil & Gas index was also lower by 84 points or 0.92% at 9032. Teck, healthcare, capital goods, PSU and auto stocks also witnessed the selling pressure. Meanwhile consumer durables, FMCG, metal, banking and realty stocks were trading in the green.

The broader markets are also trading in the red with BSE mid-cap and small-cap indices shedding 0.3% each.

The overall breadth is negative as 1480 stocks are advancing while 1087 stocks are declining.