Markets trading flat; Bajaj Auto up 2%

Markets trimmed most of the losses and were trading flat helped by gains in SBI

Markets recouped most of the early losses and were trading flat as gains in SBI and HDFC helped offset losses in FMCG major ITC.

At 1:35PM, the 30-share Sensex was down 20 points 25,349 and the 50-share Nifty was down 5 points at  7,575.


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Update at 1PM

Markets extended losses in noon deals as weakness in index heavyweights like ITC, ICICI Bank, RIL and ONGC. At 1300 hrs, the Sensex was down 53 points at 25,315 and the Nifty dipped 14 points to trade at 7,567.

However, the broader markets held ground and retained its morning gains. The mid and smallcap indices were up 0.4% each, outperforming the Sensex.

Consumer Durables, Health Care, IT, Auto, Realty and power indices up 0.3-0.9% were the only indices in green.

Bajaj Auto up 2% continued to remain the top gainer among Sensex names.

Coal India, Gail India and Tata Power up 1-1.6% were the other notable gainers.

Among the ones in red were Bharti Airtel, ICICI Bank, ITC, and ONGC, all down 1-2%.

Shares of telecom services providers are under pressure with all frontline stocks - Ideal Cellular, Bharti Airtel and Reliance Communications - trading lower in the range of 2-3%.

IRB Infrastructure Developers rallied 5% to Rs 227, extending its previous day’s 5% gain, after the company said it has entered into a pact with National Highways Authority of India for an Rs 2,300 crore project for widening of a highway stretch in Haryana.

The market breadth was marginally positive on BSE. 1514 stocks advanced while 1261 stocks declined.