Markets choppy in noon trades

Markets have turned choppy in noon trades. The Sensex after paring early gains and dropping over 110 points from the day's high, recovered most of its losses and was trading up 120 points at 18,935. Nifty was up 25 points at 5,678.

Markets are likely to remain choppy ahead of the derivatives expiry on Thursday. Year-end reshuffling of positions may also add some volatility to the market.

Global markets were also weak today. The Hang Seng shed 0.6% at 23,007. Nikkei dropped 0.6% to 9,478. Japan's soaring radiation levels at the nuclear plant dampened sentiments and raised doubts about supply chains and the pace of recovery. Straits Times and Taiwan Weighted declined in trades.

BSE capital goods index gained, followed by bankex and auto indices. However, the healthcare, IT and metal spaces were soft in noon trades.

Bharti Airtel, Larsen & Toubro and NTPC continued to shine with over 2% gains. FMCG major, Hindustan Unilever surged 2% to Rs 277. ITC was flat at Rs 178.

Bajaj Auto added 1.7% to Rs 1,405. Tata Motors jumped 2% to Rs 1,207. Mahindra & Mahindra, Maruti Suzuki and Hero Honda added marginally in trades.

Banking stocks were among the major gainers. ICICI Bank added 1.3% to Rs 1,104. HDFC Bank advanced 1.5% to Rs 2,293. SBI was up 0.7% at Rs 2,730.

Meanwhile, Sterlite dropped 2.7% to Rs 164. Hindalco slipped marginally at Rs 206. Jindal Steel and Tata Steel, among other metal stocks, were flat.

Jaiprakash Associates dropped 1.7% to Rs 89. Infosys was down 1% at Rs 3,130. TCS was unchanged at Rs 1,117. However, Wipro gained 0.6% at Rs 459.

Reliance Communications, Tata Power, Cipla and Reliance dropped as well.

BSE market breadth was marginally negative. Out of 2,839 stocks traded, 1,437 declined and 1,308 advanced.