Markets slip into the red

The markets have slipped into the red. The Sensex is down 83 points at 18,084 and the Nifty is at 5,424 down 27points.
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(Updated at 1323 hrs)

The European markets opening in the green failed to have any impact on the Indian markets as the Sensex continue to move sideways between the day's high and the low in a range of around 75 points. The Sensex is at 18, 188, up 21 points, and the Nifty is up five points at 5457.

On the European front, FTSE & CAC have gained 0.4% and 0.5% respectively, while DAX is up 0.7%. On the other hand, Japanese shares underperformed after government data suggested the country's economic recovery is far more fragile than many had believed. Japan's gross domestic product rose at an annualized pace of just 0.4% in real terms in the April-June quarter, government data showed.

Asian stock markets are mostly lower, with weaker-than-expected economic growth from Japan weighing on sentiment across the region. But gains in Chinese shares are helping to stem the losses.

The smallcap and the midcap index continue to outperform the benchmark index. The smallcap has gained 82 points or 0.8% at 9,792 and the midcap index is up 53 points or 0.6% at 7,642.

Among the BSE sectoral indices, Consumer Durables continue to be the leader; FMCG, realty and auto have extended gaines.

Sterlite Industries continue to lead the Sensex gainers chart followed by Hindustan Unilever, Maruti Suzuki and ITC.

On the losers side are Cipla, Reliance Communications, Reliance Infrastructure and Jaiprakash Associates.

The market breadth continues to be positive with 1544 stock advances and 1370 declines.