Markets remain subdued

Benchmark indices continue to trade marginally in negative zone weighed down by selling pressure among Banking, Capital Goods and IT shares. 

By 1245 hrs, the Sensex slipped 48 points at 17,734 and the 50-share Nifty declined 15 points at 5,372 levels.

Meanwhile, the rupee recovered some initial losses today but was still down 9 paise at 55.59 against the dollar, which has also gained against other currencies globally in the overseas markets.

On the global front, Gold and oil rose on Monday, supported by Friday's news of a potential framework for the European Central Bank's new bond buying scheme and hopes of a strong easing move by the U.S. Federal Reserve, but Asian shares eased.

Back home, sectors like Banks, Realty, Capital Goods, Power and Metal have plummeted by almost 1% each. Counters like IT, Consumer Durable, PSU and Auto are trading marginally lower. However, BSE Oil & Gas index has gained by nearly 0.5%.

From the banking space, ICICI Bank, SBI and HDFC Bank have slipped between 0.2-2%.

Capital Goods majors like BHEL and L&T have declined between 1-2%.

Among IT segment, Infosys, Wipro and TCS have slipped between 0.2-1%.

Other notable losers include Tata Motors, Maruti Suzuki, Sterlite, Hindalco, Tata Power and Hero Moto.

On the gaining side, Bharti Airtel, Cipla, HUL and M&M have gained between 1-2%.

Among individual shares, Punjab National Bank is trading lower by 3% at Rs 692, its lowest level since September 2009 on the Bombay Stock Exchange.

The stock of state-owned lender has underperformed the market by falling 8% in past one month post Q1 earnings as compared to 7% rise in benchmark Sensex and 1.4% rise in banking sector index Bankex.

The broader markets are trading marginally lower. The overall breadth remains weak as 1,362 stocks have declined while 1,139 stocks have advanced.