Markets trim gains

Breadth positive as 1,025 stocks advance while 824 are decline

After a positive opening the markets have trimmed some of its morning gains and are trading on a flat note led by some amount selling pressure visible in the FMCG and consumer durable stocks.

The Sensex is up 21 points at 16,437 and the 50-share Nifty is up 5 points at 4,990. In the opening deals the Nifty tested 5,000 levels and the Sensex touched the high of 16,505 levels.

Meanwhile, the Asian markets are also trading on a flat note. The Nikkei has advanced 6 points to 8,599, Shanghai is up 20 points at 2,381 and the Hang Seng has gained 79 points to 18,880.

Back home, Maruti Suzuki is the top gainer among the Sensex stocks, up nearly 2% at Rs 1,124. Tata Motors is also trading higher by 1.5% at Rs 280 ahead of its Q4FY12 results. Gail India, Coal India, BHEL, ONGC, Hero MotoCorp, L&T and State Bank of India are also among the gainers. On the other hand, Hindalco, Bajaj Auto, ITC, HUL, DLF, Bharti Airtel, NTPC, TCS, HDFC and HDFC Bank are among the losers.

Among the individual stocks, Welspun Corp has spurted over 5% to Rs 125 after the company said it has received orders worth Rs 2,070 crore from international and domestic markets.

"Welspun Corp has won pipes and plates orders worth Rs 2,070 crore from international and domestic market. With the addition of these orders, the current order book of the company stands at Rs 7,447 crore," a large diameter pipe manufacturer said in a filing.

Adani Ports and Special Economic Zone (SEZ) has rallied 6.4% to Rs 122 on reports that the Adani Group has appointed EAC Partners as financial advisor on the $731 million (approx Rs 4,000 crore) expansion of its coal terminal at Abbot Point in Queensland, Australia.

Fortis Healthcare is trading higher by 4% at Rs 105 in opening trades on reporting 41% year-on-year growth in consolidated net profit at Rs 42 crore for the fourth quarter ended March 2012, on back of strong revenues. Consolidated global revenues more than doubled to Rs 1,279 crore from Rs 421 crore during the quarter under review.

On the sectoral front, BSE auto index is the top gainer, up 0.7% at 9,463 levels. Capital goods, IT, PSU, power, metal, oil & gas and bankex are trading on a flat note. up 0.2-0.4% each. While, FMCG and consumer durable indices are trading in the red.

The overall breadth is positive as 1,025 stocks are advancing while 824 are declining.