Markets trade marginally down, Sensex sheds 50pts

The markets continued to trade marginally down in late-morning trades with the BSE Sensex at 16,120, down 47 points and the Nifty at 4,842, down 10 points. Earlier in the day, the BSE benchmark index touched the day's low at 16,996 and the day's hish at 16,210.

Among the sectoral indices, BSE Oil & Gas and IT are leading the losses, down 1% each. Hindustan Petroleum Corporation, Reliance Industries, Cairn India and Indian Oil Corporation, down 1-3% each, are the prominent losers from the Oil & Gas space.

Financial Technologies, Infosys and Tech Mahindra, down 1-2% each, are the prominent losers among the IT stocks.

BSE Healthcare and Auto indices are leading the gains, having gained 1% each. Mahindra & Mahindra, Bajaj Auto, Hero MotoCorp and Exide Industries, down 1-2% each, are the major gainers from the Auto space.

PSU stocks like Coal India, ONGC and SAIL have dropped on reports that the Department of Disinvestment has circulated a cabinet note to seek the opinion of the concerned ministries. ONGC slipped 1% to Rs 259. Coal India is flat at Rs 321.

On the Sensex, Tata Steel has gained 2% at Rs 395. Other prominent gainers are Hindustan Unilever, Cipla, Mahindra & Mahindra and Bajaj Auto, up 1-2% each. 
RIL has slipped 2% to Rs 767 - the biggest loser among Sensex stocks - after slapping Oil Ministry with an arbitration notice saying the move to disallow a part of its investment in India's largest gas field is illegal and violation of signed contract.

Other losers from the pack are Hindalco Indistries, Infosys, Bharti Airtel and ONGC, dowm 1-2% each.

Among individual stocks, Money Matters Financial Services has frozen at the upper circuit of 20% at Rs 125 for the second consecutive day on the back of huge volumes. The stock has rallied 49% in the past three trading sessions from Rs 84 on November 24, 2011 on the Bombay Stock Exchange.

Suzlon Energy has gained nearly 3% in morning trades amoid reports that the wind energy equipment maker is set to acquire around 50,000 acres ofland across eight states, to build a pipeline for future orders.

Shares of Eros International Media were up 8% at Rs 219 after the company late Monday announced successful opening of its film 'Desi Boyz' which grossed Rs 53 crore worldwide.

The overall market breadth is positive as 1,139 stocks have advanced against 1,080 declining ones, on the BSE.