Negative bias prevails, Bankex down 1%

Markets continue to maintain the negative trend amidst volatility at lower levels. At 11:25 AM, the Sensex was at 17,142, down 52 points and the Nifty declined 16 points at 5,183.

On the global front, Asian markets are trading mixed after data showed a mixed picture of manufacturing activity in China. Shanghai and Straits Times are down 0.4% each while Nikkei, Kospi and Taiwan have gained over 0.3% each.

Back home, sectors like Consumer Durable, Technology, Banks and Realty have declined by nearly 1% each. However, BSE Auto index has jumped by almost 2%.

IT stocks have fallen on weak economic data in the US, the biggest outsourcing market for the Indian IT firms. Infosys is down by over 1%. TCS has also declined by over 1%, with the stock snapping a five-day winning streak. Wipro is marginally weak.

From the financial and banking segment, HDFC is the top Sensex losers, down 2% after a block deal. ICICI Bank has tanked 2% on profit booking as it had rallied 6% yesterday post better than expected numbers in Q3. HDFC Bank is down 1% and SBI has fallen marginally.

Among Consumer Durable sector, the main losers are Titan and TTK Prestige, both falling between 1-3%. Titan Industries has lost 2.5% on weak Q3 earnings.

From the gaining side, BSE Auto index has surged by over 2% ahead of monthly sales numbers. Hero Motocorp, M&M, Tata Motors and Bajaj Auto are up between 1-4%. Maruti Suzuki India has gained 3% after reporting higher sales in January 2012.

Index heavyweight Reliance Industries has increased by over 1% as the company's share buyback programme starts from today.

The broader markets are out performing the benchmark indices, gaining by almost 1%.

ARSS Infrastructure Projects has been locked in 5% upper circuit at Rs 126 after receiving work orders worth of Rs 255 crore for road projects from the Madhya Pradesh Road Development Corporation Limited, (MPRDC).

Ashok Leyland has gained 6% ahead of third quarter numbers.

Aviation stocks like Kingfisher Airlines and Jet Airways have gained between 4-5%.

Financial Technologies has rallied 6% after its net profit (excluding profit on sale of shares and diminution in long term investments) for the quarter ended December 2011 surged 212% to Rs 118 crore as compared to Rs 38 crore in year ago.

The overall market breadth in BSE remains firm with 1,503 shares advancing and 820 shares declining.