Markets flat in morning deals

Select heavyweight hold on to gains

Markets continued to trade in the red with the Sensex slipping 29 points at 17,755. Nifty is down 6 points at 5,380.

Broader markets are trading have out performed the benchmark indices. Th BSE mid-cap index is up 0.1% at 6,126. Small-cap index is up 0.4% at 6,599.

Meanwhile, BSE realty index is down 1% at 1,575. Bankex, IT and metal indices are down 0.6% each. However, the BSE oil & gas index has held on to gains and is up 0.7% at 8,456.

Shares of Adani Port and Special Economic Zone (APSEZ), Lanco Infratech and Punj Lloyd are down by 4% each on reports that the Union Home Ministry has barred these three companies from participating in two major port projects on security grounds.

APSEZ is trading at Rs 108, near its 52-week low on the BSE. Lanco Infratech is trading at Rs 11.37 and Punj Lloyd at Rs 47.40 in morning trades.

The rupee edges lower in opening trades, on way to a second session of losses, pair at 55.55/57 verus Friday's close of 55.4950/5050.
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(Updated at 0919 hrs)

Markets opened higher on the back of global shares but has now dipped into the red. The Sensex is down 17 points at 17,766. Nifty is down 9 points at 5,377. Markets are likely to remain volatile this week as traders roll over positions in the derivatives segment on Thursday.

As long as the index sustains above 5,368, the Nifty can attempt to revisit 5,450-odd levels, feels technical analysts. However, sustained trade below 5,368, could see start of a correction with downside targets around 5,260-odd levels. The medium-term trend is likely to remain up as long as the index sustains above 5,260. Next week, the Nifty would look to seek support around 5,355-5,335, and face resistance around 5,415-5,435.

On Friday, US Markets climbed with the Dow ending up 100 points. In Asian markets, indices are trading with a positive bias, following US bourses. Hang Seng has added 0.3 per cent to 19,939. Nikkei is up around 1 per cent at 9,148.

BSE oil & gas index has gained in morning trades with 0.6% jump at 8,448. Consumer durables, FMCG and auto indices are also in green. However, some weakness can be seen in capital goods, metal and banking shares.

Mahindra & Mahindra has gained 1.7% to Rs 776. Market heavyweight, Reliance is up 1.2% at Rs 792. BHarti AIrtel has added 1.2% to Rs 251.

Meanwhile, Jindal Steel, Sterlite and Hindalco from the metal pack are down 1-2% each. Tata Motors is down 0.7% at Rs 244.

Larsen & Toubro has slipped 1% at Rs 1410. Ravi Uppal, president of the power division at Larsen & Toubro Ltd, is leaving the firm, said two people with knowledge of the matter.

HCL Infosystems has dipped 5% at Rs 36.85 on reporting 83% year-on-year drop in consolidated net profit at Rs 2 crore for the fourth quarter ended June 30,2012, due to rupee depreciation and rise in input costs.

MRF is up 0.8% at Rs 10,765 as the tyre manufacturer is looking at acquiring rubber estates to meet the company’s long-term raw material requirements and to bring down costs.

BSE market breadth is positive. Out of 1,412 shares traded, 792 shares have advanced while 535 shares have declined in trades.