The markets were trading marginally lower in a choppy session of trade due to losses in auto shares. The BSE Sensex was at 16,959, down 1 point and the Nifty was at 5,095, down 3 points.
Earlier in the day Sensex fluctuated between gains and losses. The index touched a high of 17,084 in the morning session following positive global cues, however the index recieved a fresh jolt and touched a low of 16,865 after European markets reversed gains.
The European markets were trading lower after French retailer Carrefour cut profit targets citing uncertainty in the environment.The FTSE 100 fell 0.4%, CAC40 declined 0.8% and the DAX dipped 0.7%.
Back home, Banking and IT stocks continued to witness buying consecutively for the second day. Bankex jumped 1% to 11,084 levels and the IT index was quoting 5,593, up 2%.
However, the BSE Auto index was the top loser, down 1% to 5,903. Tatat Motors and Maruti Suzuki declined over 2% each and Hero Motor Corp was down 0.7%.
Coal India was the top loser among the Sensex stocks, down 2% to 332 after the coal ministry is said to have agreed to the power ministry’s demand to divert a part of the coal currently being sold through eauction to the power sector. Hindalco shed 2% to 130. Jindal Steel, Bharti Airtel and Maruti Suzuki, down 1-2% each, are the other major losers from the pack.
On the other hand, ICICI Bank was the top gainer. The stock jumped 3% to 885. SBI, DLF, TCS and Sterlite Industries, up 2-3 % each, are the prominent gainers on the Sensex.
Among individual stocks, the shares of Vijay Mallyaled UB Group such as United Breweries, Kingfisher Airlines, United Breweries Holdings and McDowell Holdings also traded higher by more than 2% each after UB Group sold a stake of 42.5% in its Formula 1 team – Force India – to Subroto Royled Sahara Group. The team would henceforth be known as Sahara Force India.
The overall breadth was positive as 1,482 stocks were advancing while 1,109 were declining on the BSE.
