Markets off day highs

The markets have come off their day highs after profit taking was seen at higher levels tracking weakness in Asia. The Sensex has gained 99 points at 17,295. Nifty is up 28 points at 5,256.

Earlier, markets opened rebounded in opening trades after yesterday's sharp declin andh the Sensex touched an intra-day high of 17,357 and the Nifty 5,278 so far.

Asian shares fell on Friday and the safe-haven yen gained after data showing shrinking factory activity in China and the euro zone heightened concerns about a slowdown in the global economy. The Hang Seng and Nikkei were down over 1% while the Shanghai Composite fell 0.8%.

Among the sectoral indices on the BSE, FMCG index was up 1.2% and IT index was up 0.8%. BSE capital goods, Bankex and realty index indices have pared most of their early gains.

In the Sensex pack, FMCG majors ITC and Hindustan Unilever were both up nearly 2% each. Software shares gained on the back of weakening rupee. Infosys was up 0.7% and TCS gained 1.4%.

Auto shares such as Maruti Suzuki and Bajaj Auto were the top Sensex losers along with state-owned exploration major ONGC.

Among individual stocks, shares of aviation companies such as Jet Airways was up 0.5% and SpiceJet gained 3% on report that the civil aviation ministry has allowed increasing utilisation of foreign bilateral rights for Indian carriers to 40%, roughly equal to the utilisation by foreign carriers, from the summer schedule, starting April.

Godrej Properties has rallied 5% to Rs 650 after on strong response for institutional placement progra­mme (IPP).

Varun Industries has frozen lower circuit of 20% at Rs 127 on second consecutive days, after the company said its promoters have pledged more than 50% of their stake in past one week.

Dolphin Offshore Enterprises (India) is trading higher by 4% at Rs 87.40 on receiving contract worth of Rs 270 crore from the state-owned oil exploration company Oil and Natural Gas Corporation (ONGC).

BSE market breadth is marginally positive with 1,187 gainers and 1,114 losers.