After a soft opening the markets were moving sideways with financials weighing on the benchmark indices. At 10:30, the Sensex was down 49 points at 17,208 and the Nifty slipped 18 points at 5,223.
In the broader markets, the midcap index added 0.2% and the smallcap index gained 0.3%, both outperforming the Sensex which was down 0.3%
Power, Capital Goods, Realty, Consumer Durables and FMCG were up 0.2-0.4%. Auto, Bankex, Metal and Oil & Gas indices lost 0.3-0.7%
NTPC, Jindal Steel, Bharti Airtel up 1-1.5% were the top gainers among the Sensex-30. BHEL and L&T added 0.3% each.
On the other hand, Tata Motors, Sterlite, Coal India, HDFC Bank, SBI, ONGC, Cipla and Mahindra & Mahindra lost 1-1.5%
Among other stocks, Voltas Limited was up 3% at Rs 107 on maintaining the operating profit at Rs 109 crore in June quarter, the same level as in the corresponding quarter of last year, despite increase in input costs including inertest cost.
Deccan Chronicle holdings was down 4.6%, continuing its southward journey at its fresh 52-week low price of Rs 13.30 on the Bombay Stock Exchange on reports of cheating allegations against the promoters levied by the Hyderabad-based Karvy Stock Broking.
The market breadth continues to remain positive. 1105 stocks advanced while 769 stocks advanced on the BSE.
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(Updated at 9:40am)
Markets opened lower today weighed down by global cues as the European Central Bank meeting offered no hopes on a fresh round of stimulus. At 9:40am, the Sensex was down 36 points at 17,231 and the Nifty lost 13 points at 5,227.
In the broader markets, the midcap and the smallcap indices started flat with a positive bias.
In international markets, US stocks fell on Wednesday on disappointment the Federal Reserve offered no new measures to stimulate the economy. The Dow Jones industrial average and the Standard & Poor's 500 Index slipped 0.3 per cent each.
Asian shares eased on Thursday as investors turned increasingly cautious as hopes of stimulus action by central banks thinned ahead of a European Central Bank's meeting later in the day and after the US Federal Reserve took no action a day earlier. Hang Send down 0.6% and Shanghai Composite losing 0.2% were the major draggers. Nikkei up 0.3% was the only notable gainer among the Asian markets.
Back home, the Nifty is likely to seek support around 5,228 – 5,220, while it can face resistance around 5,255 – 5,261, technical analysts suggest.
Among the sectoral indices, FMCG, IT and Consumer Durables were the only indices to start in the green, gaining 0.2-0.6%. Meanwhile, Auto, Metal and Capital Goods started off losing 0.5-0.6%
Auto stocks were under pressure as car sales witnessed moderate growth in the month of July. The draggers here were Hero MotoCorp, Tata Motors, Bajaj Auto, Mahindra & Mahindra and Maruti Suzuki down 0.4-1%
From the FMCG space, Hindustan Unilever and ITC gained 0.4% each and were among teh top gainers on the Sensex.
The only other gainers among the Sensex stocks were NTPC, TCS and Jindal Steel which added 0.3-0.6%.
Among the losers Coal India, HDFC Bank, Cipla,SBI, ONGC, Dr Reddys Lab, Hindalco, Sterlite, L&T and Sun Pharma down 0.6-1% were the notable losers.
Among other stocks, Accelya Kale Solutions (formerly Kale Consultants) was frozen at upper circuit of 20% at Rs 159 on reporting over four-fold jump in consolidated net profit at Rs 12.98 crore for the fourth quarter ended June 2012, on the back of higher operational revenues. The mid-cap IT Company had a net profit of Rs 3.10 crore in year ago quarter.
The market breath was positive owing to some strength in broader markets. 529 stocks advanced while 475 stocks declined on the BSE.
