Markets trade near lows of the day

Banks, realty stocks gain

Markets are trading in the green, but off the day's high in afternoon trades. The Sensex dipped to a low of 17,023 and is now up 106 points at 17,078. Nifty is up 33 points at 5,179.

Asian shares mostly slipped on Monday as concerns about faltering global growth, with South Korean shares losing more than 1%. Tokyo's Nikkei share erased gains and is down 0.7% 8,734. European bourses have opened 0/4-1% lower in trades.

BSE consumer durables index has gained 1.2% at 6,254, on the back of gains in ITC. ITC has tocuhed a record high in trades today. Bankex, realty and capital goods indices are up 1% each in trades.

Market heavyweight - Reliance has added 1% at Rs 719 after slipping 3.5% in the two previous sessions. The fall was triggered by reports of Canada's Niko Resources sharply cutting the reserves estimate at the KG D6 gas blocks.

Rising crude oil prices in US has taken oil stocks higher. Cairn India is up 2% at Rs 332.

ONGC has slipped 0.7% at Rs 277 on reports that it is mulling listing its overseas investment arm, ONGC Videsh, to raise funds for aggressive foreign acquisitions.

Suzlon has gained 3.4% after the company said that the Suzlon Group would sell stake in its China manufacturing unit to China Power New Energy Development Company for Rs 340 crore.

Lenders to the ailing Kingfisher Airlines are to review the status of its account this week, after the company announced losses in excess of Rs 1,000 crore in the financial year’s fourth quarter ended March. The news has taken shares of Kingfisher higher by 2% at Rs 13.96.

Essar Oil has informed the Gujarat High Court it was operating under a working capital crunch, adding it did not have enough funds to pay its sales tax deferral liability to the state government. The stock has slipped 1% to Rs 55.85.

CIL has hiked the prices by an average 10-15% for non-coking coal mined from selected blocks in Western Coalfields. Shares of Coal India are up 1.6% at Rs 343.

BSE market breadth continues to be positive. Out of 2,613 stocks traded, 1,662 shares have advanced while 853 shares have delcined in trades.