Markets: Quiet consolidation

The markets seem to have opted to take the time and digest the stellar gains of recent times. After vaulting 6.2% in seven sessions, ending firm in six of those days, the barometer BSE Sensex has shed 30 points at 16994 and the Nifty has lost eight points at 5101.

FMCG stocks are in the limelight this morning. India's largest FMCG maker by sales Hindustan Unilever has surged 2.6% at Rs 253 after the company announced a board meeting to consider buyback of shares and ITC added 1.2% at Rs 288. And state-run oil and gas exploration firms have risen on reports the government has given freedom to state-run ONGC and Oil India to price additional natural gas produced from blocks given to them on nomination basis at market rates. ONGC has added 0.9% at Rs 1222, IOC added 1.2% at Rs 356 and HPCL gained 1.1% at Rs 367.

After gaining more than 10% in two days, India's second largest listed cellular services provider by sales Reliance Communications (RCom) has shed 2% at Rs 161 after South Africa's MTN Group said it was not in merger talks with RCom, and Bharti Airtel has lost 2% at Rs 267. And metal stocks are seeing profit booking after metal prices declined on the London Metal Exchange on Thursday. Sterlite has weakened by 1.7% at Rs 639, Hindalco has shed 1% at Rs 144 and Tata Steel has lost 0.7% at Rs 482.

The market breadth is marginally positive. Out of 2328 stocks traded on the BSE, there are 1153 advancing stocks as against 1088 declines.