Markets slip in late trades, Nifty below 5,900

Markets have lost ground and have slipped into negative zone weighed down by financials.
 
Nifty has slipped below 5,900, at 5895 down 29 points. Sensex has dropped by 47 points at 19,472.  

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Updated at 14:30

Benchmark indices are trading higher amid volatility led by software shares. Technology shares have firmed up on weak rupee as most of the revenue comes in dollar terms.

The rupee is headed towards another all-time low this month as demand for the greenback continues. The rupee breached the Rs 57 mark per dollar in afternoon trades on Friday due to demand for the greenback from oil importers, said currency traders.

By 1430, Sensex surged by 67 points at 19,587, and the Nifty up 8 points at 5,930 levels.

On the global front, Japanese equities plunged to two-month lows on Friday, with the yen rising against the dollar as investors fretted over US jobs data due later, while constant market agonizing about the Federal Reserve's stimulus plans drove Asian shares to fresh 2013 lows.

The Nikkei average shed as much as 2.8% and entered bear market territory earlier, having lost 20 % from a 5-1/2 year high reached two weeks ago. The Nikkei ended down 0.2%, closing at its worst week in over two years.   

Worries the US nonfarm payrolls will undershoot expectations prompted investors to cut long positions that had been profitable for months, particularly those betting on the dollar to rise against the yen as the US economy recovers, and those buying Japanese stocks on hopes a weaker yen will underpin the Nikkei.  

Back home, India's retail inflation still remains high despite the wholesale price-led inflation cooling off, Reserve Bank of India Governor Duvvuri Subbarao said on Friday.

On the sectoral front, BSE IT index has spurted by almost 2%. However, BSE Consumer Durable and Realty indices have declined by nearly 1% each.

TCS is the top Sensex gainer, up nearly 4%. Wipro and Infosys have gained between 1-2%.

Reliance Inds has gained by nearly 1%. Other notable gainers are Dr Reddy’s Lab, Hero Moto, Tata Power, Hindalco and ONGC.

On the losing side, Maruti Suzuki has declined over 1% amid a one day production shut-down at its two plants at Gurgaon and Manesar today ahead of a six-day scheduled maintenance closure later this month.

Other notable losers are Coal India, M&M, NTPC and Sterlite.

The market breadth in BSE remains neutral.