Markets remain weak, Bharti Airtel down 2.5%

Markets are trading on a weak note in the noon deals. The NSE benchmark index Nifty is down 16 points at 4,730 and the Sensex has shed 66 points at 15,781. Earlier in the day, the markets opened lower and the Sensex touched the low of 15,678 in the intra-day deals thus far.

According to Hormuz Maloo, technical analyst with Geojit BNP Paribas, "The Nifty has short term support around 4,685 and short term resistance at around 4,800 levels."

"It is likely to remain slightly sideways at least until the first quarterly results start coming in. Infosys will declare its results on Thursday, so I think the sideways trend will last at least for few more days. The Nifty has long term resistance at around 4,900 and some medium term support at its recent low of 4,530," adds Maloo.

Bharti Airtel is the top losers among the Sensex stocks, down 2.5% at Rs 322. Coal India is also trading lower by 1.6% at Rs 315 after the company has been refrained from implementing the new pricing regime in West Bengal till January 16. Bajaj Auto, SBI, Tata Motors, HDFC, Reliance Industries, Tata Steel, Hindalco, Mahindra & Mahindra and Hindustan Unilever are also among the prominent losers.

However, BHEL, Maruti Suzuki, Cipla, Tata Power, Jindal Steel, Sun Pharma, TCS, Infosys and HDFC Bank have managed to buck the weak trend are trading higher.

Among the individual shares, Radha Madhav Corporation has surged following its board meeting on Friday, which has approved allotment of equity shares to promoters on preferential basis at a premium to the current stock price.

Pratibha Industries has gained nearly 9% in trade today after the company informed that it has bagged orders worth Rs 772 crore.

Shares of Indian drug maker Strides Arcolab were up 1.2% at Rs 400 on reports that the company is planning to sell its Australian branded-generics unit.

Auto stocks are amongst the worst hit in trades thus far. The BSE Auto index is down 62 points at 8,110 levels. Oil & Gas index is also weaker by 52 points at 7,628. FMCG, metal, teck and banking stocks are also facing a mild selling pressure.

On the other hand, Power index is the top sectoral gainer, up 1.1% at 1,862 levels. Healthcare, PSU, Capital Goods, Consumer Durables and IT indices are also among the gainers on the sectoral front.

Amongst the auto stocks, Bajaj Auto is the top loser. It is followed by Tata Motoras, Exide Industries, Ashok Leyland and Apollo Tyres.

From the power pack, Lanco Infra is the top gainer, up 7% at Rs 11. GVK Power, GMR Infra, BHEL, JSW Energy, reliance Power and PTC India are also among the gainers.

The broader markets are trading on a flat note. The BSE mid-cap index is up 23 points at 5,321 and the small-cap index is up 65 points at 5,826 levels.

The overall market breadth is positive as 1,416 stocks are advancing while 983 are declining.