Markets choppy, oil & gas stocks weigh

Markets remain volatile ahead of the F&O expiry, after opening flat, Sensex touched an high of 20,157 and broke 20,000 mark and hit a low of19,983. Currently the Sensex is down 123 points at 19,995 and the Nifty has fallen 37 points to 5998.

Anand Rathi in a research note said, "short term trend in Nifty is positive till it sustains above 5920." However, Devangshu Dutta, Technical analaysts said, "there is some support at the level of 6000 if that is broken, sustained selling could take it 5950 or even lower to 5925."

The broader markets are trading mixed. The Small-cap index is up 8 points at 10,288 and the Mid-cap index is down by 4 points at 8,142.

Buying interest continues in the power and capital goods stocks, the indices up 0.8% and 0.6% each.

Siemens is the top gainer among the capital goods space, up 2.8% at Rs 808 followed by ABB, up 2.4%, Usha Martin and BHEL, down 1.2% and 0.6% each.

From the power stocks, NTPC has risen 1.9%, followed by Lanco Infra, up 1.4% and Reliance Power, up 1%.

 

Selling pressure is seen in the Oil & Gas stocks, the index is down 0.8% led by losses in BPCL and Gail India, down 1.3% each, and Reliance Industries and HPCL also down by 1% respectively.

10 components on Sensex are trading in the green, NTPC is the top gainer, up 1.8% at Rs 219, followed by Mahindra & Mahindra, Reliance Communication, ACC and Jindal Steel.

Meanwhile, HDFC is down 3% and is the top losers, followed by Hindalco Industries, down 2%, index heavyweight Reliance Industries and ICICI Bank, down 1% each.

The BSE market breadth is negative as 1193 stocks are advancing and 1766 stocks are declining.