The Indian markets are trading weak with the BSE Sensex at 15,702, down 147 points and the Nifty at 4,701, down 45 points.
The markets could remain cautious today, ahead of the third quarter results of India Inc that begin later this week. Industrial production numbers may also have some impact on the trading sentiment this week. However, marketmen are not bullish on the earnings reports card of corporate India and feel the results are largely set to disappoint.
India's benchmark share indices ended nearly 3 per cent up in the week to January 7, the first week of calendar year 2012, led by banks and capital goods shares. The Sensex gained 394 points or 2.6 per cent to end at 15,849 in the week under review and the S&P CNX Nifty was up 123 points or 2.7 per cent to end at 4,747.
Analysts suggest that the next area of resistance for the Nifty is around at 4,875 – 4,950 and supports are at 4,700 – 4,660.
At 740 am Indian Standard Time, the SGX Nifty was trading at 4,742 levels, down 41 points.
BSE Capital Goods, Metal, Bankex and Auto indices are leading the losses, down 1-2% each. Larsen & Toubro, BGR Energy Systems, Usha Martin and Suzlon Energy, down 3% each, are the losers from the Capital Goods' space.
Jindal Steel & Power, Hindalco Industries, JSW Steel and Sesa Goa, down 2-3% each, are the losers from among the Metal stocks.
BSE IT and Healthcare indices are marginally up.
Jindal Steel, Larsen & Toubro, JP Associates, Hindalco Industries and Bharti Airtel, down 2-3% each, are the notable losers among the Sensex 30 stocks. The only gainers from the pack are Tata Power, Sun Pharma Industries and Infosys, up marginally.
Among individual stocks, Coal India is trading lower by 1% on reports that the company has been asked not to implement the new pricing regime in West Bengal till January 16.
The overall market breadth is negative as 666 stocks have declined against 556 advancing ones, on the BSE.