Markets have recovered from the lows of the day, following export numbers released by the government. The Sensex is down 4 points at 17,420 - after touching a low of 17,349. Nifty is up 10 points at 5,269.
India's annual exports fell 14.8% to $22.4 billion in July, while imports fell 7.6% to $37.9 billion, leaving a trade deficit of $15.5 billion, the trade ministry said in a statement on Monday. Exports have fallen from year-earlier levels in four out of the last five months. Exports between April and July fell 5.1% on year to $97.7 billion, the statement added. Oil imports were down 5.5% to $12.2 billion in July.
Asian shares inched up on Monday after US Federal Reserve Chairman Ben Bernanke kept the door open for further stimulus if needed, but gains were capped by weak economic indicators across the region and caution over US data. Hang Seng and Shanghai Composite added half a per cent each. However, Nikkei was down 0.6% at 8,783.
BSE realty index was down 1%, followed by oil & gas and metal indices. Bankex shed 0.4% at 11,468. However, broader markets outperformed with the BSE mid-cap index gaining 0.13% at 6,013 and small-cap index trading flat at 6,397.
Reliance Industries slipped 1.3% at Rs 762 while private banking major ICICI Bank was down 1% at Rs 899. Exploration major ONGC was also slipped 1% at Rs 274.
Jindal Steel shed 2% at Rs 345. Tata Power, Tata Steel and Tata Motors dropped 1.5% each. Tata Motors reported 12% year-on-year rise in total sales at 71,826 units in August this year. The Tata Group company had sold total 64,078 vehicles in the same month of previous year.
BSE market breadth is marginally positive. Out of 2,587 stocks traded, 1,303 shares habve advanced while 1168 shares have declined.
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