Markets trim losses, Oil & Gas shares gain

BSE FMCG, Power and Consumer Durable indices have slipped by 1% each. However, BSE Oil & Gas index is up over 1%.

Benchmark indices have trimmed the losses and are trading marginally lower weighed down by selling among FMCG shares.  

By 1300 hrs, the Sensex was down 65 points at 18,844 whereas the Nifty slipped 21 points at 5,557 levels.

On the global front, the Nikkei has managed to surge 2% at 12,891, with the long-end of the yield curve inverting, a day after the Bank of Japan announced extraordinary stimulus measures to reignite the world's third-largest economy. Hang Seng, however, has slipped 2.5% in today's trades, with growth-sensitive sectors taking some of the bigger hits on rising worries a new strain of bird flu in China could hurt the local economy. European markets have opened mixed.

Back home, the rupee today gained seven paise to 54.80 against the dollar in early trade at the Interbank Foreign Exchange on increased selling of the US currency by exporters.

On the sectoral front, BSE FMCG, Power and Consumer Durable indices have slipped by 1% each. However, BSE Oil & Gas index is up over 1%.

The main losers on the Sensex at this hour include HDFC, NTPC, ITC, M&M, ICICI Bank, TCS and Tata Motors, all declining between 1-4%.

On the gaining side, Maruti Suzuk India has rallied 6% after the Japanese yen slid to a three-and-half year low which would result in lower import costs.

Among others hares, GMR Infrastructure were up nearly 2% on reports that the company has reached with an agreement with Megawide Construction Corp to bid for an airport development project in the Phillipines.

Indraprastha Gas has rebounded to surge nearly 12% to Rs 302 on BSE on the back of heavy volumes after the stock was beaten down in the last two trading sessions. The stock opened at Rs 270 and has seen over five fold jump in trading volumes.

The market breadth in BSE remains positive remains marginally positive 1,230 shares advancing and 1,173 shares declining.