Markets volatile; Nifty above 6,000

Sun Pharma, Tata Steel, Tata Motors up 2-3%, among the top gainers

Markets have turned volatile in the morning trades with the benchmark indices gaining some of its lost ground with the Sensex up 28 points at 20,309 and the Nifty gained three points to trade at 6,021. The up move was on the back of gains in names like Tata Steel, Sun Pharma and SBI.
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(Updated at 0955 hrs)
Markets started the day on a negative note tracking weak global cues and feeble macro data in the form of weaker-than-expected September IIP and double digit consumer price inflation which weighed on the investor sentiment.

The Sensex was down 33 points at 20,248 and the Nifty was hovering around the 6,000 mark.

In the broader markets, the midcap index was down 0.3% and the smallcap index was flat with a positive bias.

Meanwhile, the rupee continued its downtrend for the sixth consecutive day  heading steadily towards the levels of 64 per dollar.The currency, so far, fell 19 paise to 63.90 per dollar as against previous day's closing of 63.71 per dollar.

Stocks in Asia slipped tracking losses on Wall Street amid uncertainty when the US Fed might start pruning its monetary stimulus measures. Stocks in Japan witnessed profit after sharp gains yesterday. The Nikkei was down 0.5% while the Straits Times was down 0.1%. China's Shanghai Composite was down 0.8% while Hang Seng was down 1.3%.

Stocks on Wall Street ended marginally lower on Tuesday amid profit taking after recent gains which pushed the Dow Jones to a record closing highs. Further, the timing of the US Fed eainvestors adopted a cautious stance as when the US Fed may start withdrawing its bond buying programme.

The Dow Jones industrial average ended down 32 points, or 0.2%, to end at 15,750.67. The Standard & Poor's 500 Index closed 4 points, or 0.2% lower, at 1,767.69. However, the Nasdaq Composite Index ended flat nearly unchanged at 3,920.21.

Back home, on the sectoral front, Bankex, Realty, Capital Goods, PSU, FMCG, Power and Consumer Durables started in the negative, losing 0.1-1% in the opening deals.

Meanwhile, Health Care, Auto, IT, Teck and Oil & Gas indices gained 0.2-0.7%.

The movers in the opening trades were Sun Pharma up 3% followed by Tata Steel, Tata Motors, BHEL, RIL, Jindal Steel, Wipro, Infosys and Mahindra & Mahindra which added 0.2-1.8%.

ICICI Bank, Gail India, Bharti Airtel and L&T down 1% each were the major losers.

Tata Power, Cipla, HDFC Bank, Sesa Sterlite, Coal India, SBI and Hindalco down 0.4-0.8% were the other notable losers.

Among other stocks, Jet Airways surged 5% to Rs 348 in early morning deals on BSE after the fair trade regulator, Competition of Commission of India, cleared the proposed 24% stake sale of the company to Abu-Dhabi-based Etihad Airways.

Gillette India fell over 4% in early trade after the company set the floor price for its share sale at 15% below its market price.

The market breadth was marginally negative on the BSE. 494 stocks declined while 455 stocks advanced.