Markets continue to trade in the negative zone, the Sensex has shed 116 points at 19,392 and the S&P CNX Nifty is at 5819 down 37 points on back of the continuous selling pressure visible in the IT, banking and oil & gas stocks..
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Updated at 11.30
Markets pared the the initial gains and slipped into the red on back of heavy selling pressure in IT, Tech, FMCG, Oil & Gas and banking stocks.
The Sensex is down 107 points at 19,401 and the nifty is at 5824 down 33 points.
ITC is the top loser among the sensex stocks down 2.3% at Rs 166 followed by Bharti Airtel, Wipro, Infosys, TCS andbajaj Auto trading lower by more than 1% each. On the other hand Relaince Infrastructure, Tata Motors, Tata Steel, Cipla and Jaiprakash Associates are the significant gainers trading higher by 1% each.
The BSE IT index is the top setoral loser down 80 points or 1.29% at 6180. Tech, FMCG, oIl & gas and bankex are also trading in the red, down more than 0.50% each. Meanwhile, some buying is visible in the metal, power and PSU stock stocks, the BSE Metal index is up 103 points or 0.65% at 16,094 followed by Power index up 0.5% at 2890 and PSU index up 44 points at 9266.
TCS, Infosys and Wipro are the top losers among the IT stocks down down more than 1.4% each. Among the oil & gas stocks BPCL is the top loser down nearly 2% at Rs 668 followed by BPCL down 1.7% at Rs 394. Index heavyweight Reliance Industries is also trading in the red.
The broader markets have outperformed the benchmark indices the BSE mid-cap index is up 58 points at 7464 and the small-cap index is at 9050 up 99 points.
Emami is the top mid-cap gainer trading higher by 17% at Rs 422 followed by K S Oils, S KUmar Nation, Spicejet, J M Financial and Subteck Realty up more than 6% each. Nitin Fire, Zenith Info, Bombay Burmah, Dynamic Technologies and Emani Paper are the top small-cap gainers trading higher by 10% each.
The overall market breadth is extremely positive as 1776 stocks are advancing while 866 stocks are declining.