Markets turn cautious ahead of US jobs data

Losses in heavyweights like Reliance Industries, L&T, ITC and TCS weighed on the indices in noon deals

Markets edged lower in noon trades on profit taking after a record-hitting rally. Losses in heavyweights like Reliance Industries, L&T, ITC and TCS weighed on the indices in noon deals.

Investors took profit in most blue-chip stocks after shares hit their ninth consecutive record high on Thursday and on caution ahead of key U.S. jobs data later in the day.

Market participants also seen paring of positions ahead the general elections scheduled to start next week.

At 1420 hrs, the Sensex was down 154 points at 22,354 and the Nifty slipped below the 6,700 levels, down 45 points at 6,691.

Meanwhile, the outperformance in broader markets continued with both the mid and smallcap indices trending in green.  The smallcap index was up 0.7% and the midcap index added 0.3%.

Rupee

The rupee is trading at 60.27 versus its close of 60.1650/1750 on Thursday, tracking weakness in local shares. Dollar demand from importers also hurt.

Most other Asian currencies were trading weaker compared with the dollar. Caution also prevailed ahead of US jobs data due post market close.

Sectors & Stocks

Realty up nearly 3%, Metal, Consumer Durables adding 0.2-0.5% were the top sectoral gainers.

Health Care index was flat with a positive bias.

All the other indices were in red with Auto, Capital Goods, Power and IT indices leading the losses, down 0.6-1%.

Cipla and Tata Steel up 1% each were the top gainers among Sensex-30.

Coal India, SBI, Hindalco up 0.3-0.4% were the other gainers of the hour.

BHEL, NTPC, Bharti Airtel down 2% each were the major losers.

Some of the other prominent names in red were Gail India, Tata Motors, Sun Pharma, Bajaj Auto and Mahindra & Mahindra down 1-1.6%.

The market breadth was positive on BSE. 1521 stocks advanced while 1137 stocks declined.

Global Markets

Asian markets put discretion before valour on Friday as investors counted down the final hours to the U.S. jobs report, while the euro nursed a grudge after the European Central Bank opened the door to more aggressive easing, albeit not just yet.

With virtually no major data of note due in Asia, moves were minor across the region. Australia's share market inched up 0.2%, while MSCI's broadest index of Asia-Pacific shares outside Japan barely budged.

Japan's Nikkei eased a fraction, with a softer yen providing some support, while Shanghai rose 0.2%.

In Europe, all the major indexes gained between 0.1-0.4%.