Markets remain lacklustre

The markets are trading on a lacklustre note in the noon deals. The BSE benchmark- index Sensex was at 18,724, lower by 20 points and the S&P CNX Nifty had shed seven points to 5,625.

According to Somil Mehta, Senior Technical Analyst from Sharekhan, "5706 is crucial resistance and till that is not taken off Nifty may consolidate in a range of 5500-5706."

ICICI Bank was the top loser among the Sensex stocks. The stock had shed 1.2% to Rs 1,084. Reliance Communication was also trading lower by 1.2% at Rs 98. Tata Power, ONGC, Hero Honda, SBI, Wipro, ITC, Bajaj Auto and Infosys were also among the laggards. At the same time Larsen & Toubro, Hindalco, DLF, HDFC, Bharti Airtel and Reliance Industries advanced 0.42-1.15% each in trades so far.

Most of the sectoral indices were trading in the negative territory. The BSE banking index- Bankex was the top loser. The index slipped 0.7% or 85 points at 12,951 levels. PSU index shed 31 points at 8603. IT, FMCG, Auto, Teck, Power and Oil & Gas indices were also trading lower by 0.3-0.1% each. Meanwhile the BSE Consumer Durables index was the top gainer, the index jumped 1.8% to 6843 points. Some buying was also visible in Capital goods, realty and metal stocks. The indices advanced 0.5-0.7% each.

Canara Bank was the top loser among the banking stocks. The scrip fell 2% in trades so far and was trading at Rs 529. ICICI Bank, Union Bank, Punjab National Bank, SBI, Axis Bank, Kotak Mahindra Bank, Bank of Baroda, Bank of India and IDBI Bank were also among the losers, down 0.1-1.4% each.

Among the consumer durable stocks VIP Industries is the top gainer, the stock continued to gain consecutively for the second day after registering a new life time high in yesterday' session. The stock was up 3% to Rs 896. Whirlpool, Titan Industries, Rajesh Exports and Bajaj Electricals were also among the gainers.

The broader markets were trading on a flat note. The BSE mid-cap index was up 6 points at 6965 and the small-cap index advanced 25 points to 8363.

The overall breadth was marginally positive as 1,386 stocks were advancing while 1,191 stocks were declining.