Sensex slips nearly 60 points on profit booking

Markets amid choppy trades continued to trade in the negative zone during late noon trades.

At 14.40, the S&P BSE Sensex was trading nearly 60 points lower at 25317 while the CNX Nifty slipped nearly 10 points at 7570.

However, the broader markets outperformed benchmark indices as BSE Mid-cap and Small-cap indices gained over 0.50%.

The market breadth at the BSE remained firm with 1592 scrips advancing and 1330 declining.

Expert Speak

Shshank Mehta, Independent Derivatives Strategist says , “I see Nifty June Series to expire around 7500-7520 levels. For the Jul Series market is looking at fresh triggers and till then will oscillate in a range of 7450 to 7650 levels.”

Rupee

The rupee is trading at 60.28/29 versus its previous close of 60.1325/1425, tracking the dollar's gains against other Asian currencies with weakness in the domestic share market also aiding sentiment.

Global Markets

The broader Topix fell 0.6 percent to 1,260.83 whilethe JPX-Nikkei Index 400 declined 0.6 percent
to11,472.04.

European shares fell on Wednesday, mirroring losses in the United States and Asia, as fears violence in Iraq could escalate further prompted investors to take refuge in safer assets such as German bonds.

The FTSEurofirst 300 index .FTSE of top European shares fell 0.7 percent to a three-week low, while Germany's benchmark DAX shares index .GDAXI was down 0.6 percent by 0753 GMT.

The MSCI world equity index .MIWD00000PUS, which tracks shares in 45 countries, was down 0.3 percent after hitting a one-week low.

Sectoral Indices

Consumer Durables surged 1.22% and was the top gainer among the sectoral indices at BSE followed by Healthcare, Realty, Auto, Power and IT, all up by 0.80-% to 0.30%.

While on the losing side, Oil & Gas dipped over 0.70% followed by counters like Capital Goods, Bankex and FMCG, all edged lower by 0.50% to 0.30%.

Buzzing Stocks

Bajaj Auto was the top gainer among the 30-share Sensex pack with scrip gaining over 2%. The stock opened at Rs 2,224 and touched high of Rs 2,295, also its record high on BSE.

Other major gainers at the Sensex are: Coal, Gail, SBI, Tata Power, all up by 1% - 2%.

Bharati Airtel was the top loser with share edging over 1.5% lower, followed by counters like  ONGC, ICICI Bank, ITC and  L&T, trading lower between 0.8%-1.4%.

Shares in DCM Shriram Ltd surge as much as 2.2% to an all-time high after the company said late on Tuesday that it sold its spinning mill for Rs 17.1 crores.

Godrej Properties has moved higher by 5.5% to Rs 250 after huge block deal executed on the counter on the BSE.