Markets have Markets have erased gains and is trading in the negative zone, with weakness noticeable in the FMCG space. The Sensex has declined 36 points to 19,319. Nifty is down 6 points at 5,882.
"A leveraged trader should keep a stop loss at 5,850 and positional trader should keep a stop loss at 5,800 for going long on Nifty. At the same time a dip should be used as a buying opportunity as it is a start of a multi year bull markets," said Parag Doctor, Head- trading strategies, Keynote Capitals Ltd.
Meanwhile in Asia, markets are trading on a mixed note with the Nikkei surging 1.6% to 9,742 while Shanghai Composite has slipped 1% to 2,061. Kospi and Taiwan Weighted have advanced as well.
BSE FMCG index has slipped 2.5% to 5,974. Consumer durable and capital goods stocks are also mostly in red. On the other hand, BSE auto index has held on to gaisn and is up 1.7% at 11,186. Bankex and realty are up over half a per cent each.
Tata Motors has jumped 5% to Rs 289. Bajaj Auto and Hero Motocorp are also in the green.
Bank stocks rose as the government will move the Banking Laws (Amendment) Bill for consideration and passing in Lok Sabha today. ICICI Bank and SBI are up 1% each in trades.
Hindustan Unilever has dropped 1.2%, with the stock extending Wednesday's 2.65% losses triggered by concerns the company will face higher royalty payments to Unilever PLC. Investors were concerned after Unilever's Indonesian subsidiary, Unilever Indonesia, agreed to pay a higher royalty fee to Unilever. ITC is the top loser - down 4.2% at Rs 293.
Telecom stocks rose across the board after Prime Minister Dr. Manmohan Singh said that he believes that the period of difficulties for the Indian telecom sector is coming to an end. Bharti Airtel is up 0.5% at Rs 314. Reliance Communications and Idea Cellular are also up around half a per cent each.
BSE market breadth is marginally positive. Out of 2799 stocks traded, 1347 stocks have advanced while 1314 stocks have declined.
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