Markets slip in red after positive opening

Markets have slipped into negative zone after making a positive opening tracking higher Asian markets. By 9:30, the Sensex was down by 10 points at 19,306 whereas the Nifty slipped 6 points at 5,843.

Markets will remain volatile this week as investors are treading the cautious path on account of February month derivative expiry and the Union Budget 2013-14.

Asian shares edged higher on Monday, with investors still picking up shares battered by last week's steep plunge, while the yen fell to fresh lows on news a reflationary advocate could head the Bank of Japan next month.

The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1%, pulled higher by Australian shares which gained 0.6% on reassuring comments from US Federal Reserve officials on the bank's current stimulus programme, which has helped underpin risk sentiment globally.

South Korean shares opened up 0.2%, with the nation's new leader, who has shown willingness to talk down the won, being sworn in on Monday. Tokyo's Nikkei stock average opened 1.6% higher.

Wall Street ended higher, as comments from Federal Reserve officials allayed fears that the U.S. central bank would curtail its stimulus measures. The Dow Jones industrial average gained 0.86 percent, to 14,000. The Standard & Poor's 500 Index ended up 0.88 percent, at 1,516. The Nasdaq Composite Index was 0.97 percent, at 3,162.

Back home, BSE IT, Power and TECk indices have surged by almost 1% each. Sectors like Metal, PSU, Consumer Durable, Auto, Capital Goods, Healthcare and Banks have gained marginally. However, BSE FMCG, Oil & Gas and Realty indices are trading marginally lower.

The main gainers on the Sensex at this hour include Infosys, Wipro, JSPL, Tata Motors and Maruti Suzuki, all gaining by 1% each whereas few losers are Hero Moto, ITC, HDFC, Coal India and RIL.

Jindal Steel Power (JSPL) has introduced one of the most modern technologies, Schnell Home construction technique, to its Angul project site.

Select non-banking finance companies (NBFC) shares are in focus in early morning deals after the Reserve Bank of India (RBI) has issued guidelines for the new bank licences, which will pave the way for both corporate entities and NBFC to begin banking operations.

Mahindra and Mahindra Finance Services, Bajaj Finserv, SREI Infrastructure Finance, Religare Enterprises and L&T Finance Holdings are trading higher in the range of 5-7% on the Bombay Stock Exchange (BSE).

Meanwhile, BSE Midcap index gained by 0.48% whereas BSE Smallcap index was up 0.38%.

The market breadth in BSE remains healthy with 875 shares advancing and 455 shares declining.