Markets slip again

The Sensex is quoting at 18386, lower by 69 points and the Nifty is at 5523, down 17 points.

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(Updated at 12.02pm)

The markets had briefly rebounded into the positive zone but have now once again slipped into the red. The Sensex had registered a new intra-day high of 18,462, up 102 points from the day's low. After briefly breaking into the green the Nifty is now down three points at 5,536, and the Sensex is down 23 points at 18,431.

The smallcap index and the midcap index has extended gains. The former is up 0.5% and the latter is up 0.1% up. HDFC Securities research says that Nifty has risen by 128 points in two trading sessions expect a consolidation at this juncture, for Nifty 5,550 and for Sensex 18,550 are major resistance levels.

On the BSE sectoral indices, Health Care has gained 1% and continues to lead followed by Oil & Gas and Capital Goods up 0.9% each. Realty index has pared some of its initial gains while Conmsumer DUrables appear flat on the charts. Bankex, Auto, FMCG, Metal and Teck indices continue to languish in the red though they have pared some of their losses.

Cipla has moved up nearly 2% to Rs 310. Despite easing off a bit, it continues to lead the Sensex gainers charts closely followed by DLF at Rs 327, up 1.7%. Larsen & Toubro and heavyweight Reliance are the other prominent gainers.

Tata Motors extending their loses are down 2% at Rs 1014 followed by Infosys and Hindalco down 1.4% each.ICICI Bank, ACC and Hindustan Unilever down 1% each are the other sihnificant losers on the charts.

The market breadth continues to be rrelatively positive with 1450 stock advances and 1336 declines.