Markets slip after initial gains

Auto majors buck trend

Markets slipped into the red in afternoon deals ahead of key FDI vote in Rajya Sabha later today that will decide the fate of economic reforms in Asia's third-biggest economy. At 1255 hrs, the Sensex was down 25 points at 19,461 and the Nifty slipped 13 points to trade at 5,918.

However, there was some buying interest in the broader markets with the smallcap index up 0.4% and the midcap index gained 0.3% outperforming the Sensex which was down 0.1%.

Among the sectoral indices, Auto, Consumer Durables and Capital Goods which added between 0.5-0.9% were the only indices in the green. Meanwhile, IT, Realty, Metal , Bankex, Oil & Gas and FMCG were in the red, down 0.1-0.7%.

The top gainers among the Sensex stocks were the auto names like Maruti Suzuki, Tata Motors and Mahindra & Mahindra up 1-2%. BHEL, Coal India, Bharti Airtel, Tata Power, SBI, L&T and Hindalco which added 0.5-1% were the other notable gainers.

Among the draggers were Sterlite, ONGC, Tata Steel, TCS, Hindustan Unilever, Bajaj Auto, NTPC and HDFC Bank down 0.7-1%

The market breadth was positive on the BSE. 1442 stocks advanced while 1265 stocks declined.

Among other stocks, Gitanjali Gems has soared almost 10% at Rs 524, also its record high on the BSE, on the back of heavy volumes.