Markets trade on a listless note

The markets are trading on a listless note in the noon deals. The Sensex is up 10 points at 17,283 and the Nifty is up 2 points at 5,259 levels. Earlier in the day, the markets opened higher ignoring the mixed global cues. However, due to the selling pressure witnessed by the auto and power stocks the markets erased most of the gains.

According to Ranak Merchant, Technical Analyst- Strategies, Sushil Financial Services, "Markets have managed to stay above their respective 200 Day EMA of 17,258/5,200, which would act as major support points. Any breach of the said levels may lead to a further downfall. Therefore these levels need to be keenly eyed."

Most of the Asian markets were trading lower. Hang Seng slipped 114 points to 21,001 levels. Shanghai slipped 33 points to 2,376 and Taiwan also edged lower  by 71 points to 7,972 levels. However, Nikkei was trading marginally higher by 12 points at 10,142.

Back home, Jindal Steel is the top Sensex gainer, up nearly 2% to Rs 588. Sun Pharma, TCS, Cipla, Hindalco, Tata Steel, ITC, HDFC Bank, Sterlite Industries and Tata Power are also trading higher by 0.5-1.5% each.

On the other hand, Tata Motors, Bajaj Auto, Maruti Suzuki, Coal India, Hero MotoCorp, Infosys, ICICI Bank and Bharti Airtel are among the laggards on the BSE benchmak index.

On the sectoral front, Consumer Durable stocks are witnessing buying in trades so far. The BSE Consumer Durables index is up 1.2% or 79 points at 6,558 levels. Metal, FMCG, Realty, Healthcare, Oil & Gas and Capital Goods indices are also trading higher.

At the same time, Auto and Power stocks are facing the selling pressure. The BSE Auto index is down 1.6% at 9,955 and the Power index has shed 0.2% at 2,138 levels.

Among the individual stocks, Kingfisher Airlines has plunged 6.5% near its lifetime low at Rs 18 on reports that the aviation regulator, Directorate General of Civil Aviation (DGCA), on Monday summoned Vijay Mallya, the owner of debt-laden private carrier, to seek an explanation on why his carrier can't stick to its revised schedule.

The broader markets are trading on a listless note. The BSE mid-cap index is up 2 points at 6,302 and the small-cap index is down 7 points at 6,625.

The overall breadth is negative as 1,435  stocks are declining while 1,131 are advancing.