After reaching at a finger's distance from breaking into the green, the markets suddenly lost steam to flip back into the red. The Sensex is down 47 points at 19,883 while the Nifty lost 18 points at 5,980.
The little recovery seen in the broader markets too dissapeared as the smallcap index slipped into the negative, down 0.1% while the midcap index has lost 0.5%. The benchmark index continues its under performing streak into the afternoon trades, down 0.2%
The sectotal indices on the BSE has remained stable. Realty index continues to drag down, extending losses at nearly 2%. The indices in the green has remained stagnant with Capital Goods leading at 0.5% in the positive.
In the global markets, the Asian indices have closed mixed. Nikkei ended flat at 10,022 while Hang Seng lost 0.1%. The Shanghai Composite, however, advanced 0.8% to close at 2,888. This upward movemet was seen due to reports that Beijing may raise interest rates to tackle inflation.
European markets too are trading mixed. CAC is flat at 3,866 while FTSE is down 0.1%. However, DAX had gained nearly 0.2%
Back home, Bharti Airtel gaining almost 5% continues to be the top gainer on the Sensex. Hindustan Unilever, Sterlite, Hero Honda and L&T adding 1% each are the other noteable gainers.
Reliance Infrastructure down 3% is the top losers on the Sensex followed by Mahindra & Mahindra, Hindalco and DLF shedding 2%. Market heavweight RIL losing 1.8%, Reliance Communications, HDFC Bank, Cipla, ACC, Tata Motors down 1% each are the other major losers.
Market breadth continues to be negative. Of the total 3020 stocks traded on the BSE, 1765 have declined while 1167 have advanced.