Markets slip into red

The markets have slipped wee bit into the negative zone, owing to weakness in Reliance Industries. The stock has slipped nearly 2% to Rs 817 after the CAG report on D6 exploration block was tabled in the Parliament. The Sensex is now down 34 points at 17,031. The Nifty has declined 10 points to 5,114.
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(Updated at 1130 hrs)

The markets witnessed choppy trades in the late morning session, owing to a lacklustre performance in the Asian markets. The BSE Sensex is now trading almost flat at 17,089, up 24 points and the S&P CNX Nifty is at 5,130, up 5 points. Earlier in the day, the BSE benchmark index touched a low of 16,987.

After having had a strong opening, the Asian markets are currently trading on a mixed note. The Shanghai Composite and Hang Seng indices are down 0.1% and 0.6%, respectively, while the Nikkei remains unchanged.

The broader markets, on the other hand, are comparatively firm with the BSE mid-cap index and the small-cap index gaining a percent each.

Among the sectoral indices, BSE IT and TECk indices are leading the gains, up 2% each. Wipro, Patni Computer Systems, Infosys and Mphasis, up 3-4% each, are the top gainers from the IT pack. The laggards among the indices are BSE Oil & Gas, Metal and FMCG, down 0.1-0.4% each.

Wipro has moved up 4% at Rs 343. Other prominent gainers include Infosys, TCS, Sun Pharma and Cipla, up 2-3% each.

The top losers among the Sensex 30 stocks include JP Associates, HDFC Bank, Bajaj Auto, Bharti Airtel and Tata Power , down 1-2% each.

Among individual stocks, Tata Motors has advanced 1% or Rs 7.5 to Rs 776 on the Bombay Stock Exchange on the back of reports that the company is planning to increase production of its luxury car brand Jaguar Land Rover (JLR).

Thomas Cook strengthened on the bourses on plans to ramp up its online presence amid growing opportunities in the digital travel and tourism space. The stock is quoting at Rs 49, higher by 0.4%, on the BSE.

The overall market breadth is positive as 1,522 stocks have advanced against 800 declining ones.