Markets continued to trade in the red, after slipping from the day's high in early trades. The Sensex is down 28 points at 17,755. Nifty is down 11 points at 5,376.
Asian markets traded on a mixed note with Japan's Nikkei gaining 0.3% at 9,103. Shanghai Composite, however, showed weakness and was down 1.2% at 2,068.
"Its narrow band of trading in Nifty at this point of time, we think key levels of watch out for very short term are 5370 on downside, and 5430 on upside. Narrow band is visible from strong base of CE and Put on 5500 and 5300 respectively. Expiry is looking in range of 5350 for august series," said Navneet Daga
Derivative Analyst, KR Choksey Securities.
BSE oil & gas index has gained 0.6% to 8,451.
Cairn India is the biggest gainer among oil & gas stocks - up 1.1% at 347. Reliance has added 1%, followed by Gujarat State Petronet, ONGC and Indian Oil Corp.
However, weakness persisted in bankex, realty, IT and power shares.
Bharti Airtel has moved up 2% at Rs 253. Mahindra & Mahindra, Cipla and Bajaj Auto are up 1% each. Meanwhile, ICICI Bank is the top dragger among Sensex stocks and accounts for a 14 points drop on the Sensex. Jindal Steel, Tata Motors and Sterliite are down 1-2.5% each.
Among individual stocks, Singer India has rallied 17% to Rs 59.90, extending its previous two day’s surge on reporting a net profit of Rs 3.80 crore for the fourth quarter ended June 30, 2012, against loss of Rs 1.88 crore in previous year quarter. For the year ended June 2012, the industrial machinery maker has recorded over three-fold jump in net profit at Rs 10.21 crore over the previous year.
Bajaj Finsev is trading higher by 2% at Rs 838 the Bajaj Group Company announce rights issue plans. “The board of directors of the company will meet on August 29, 2012, to consider and finalize the rights issue price, entitlement ratio and record date for the issue,” Bajaj Finserv said in a filing.
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