Markets consolidate in late morning trades

Oil&Gas, Realty and FMCG indices slip

Markets are seen consolidating in late morning trades even as gains in software major Infosys failed to offset losses in oil and FMCG stocks.

The 30-share Sensex was down 33 points at 17,397 and the 50-share Nifty was trading flat at 5,258.

Asian shares inched up on Monday after US Federal Reserve Chairman Ben Bernanke kept the door open for further stimulus if needed, but gains were capped by weak economic indicators across the region and caution over US data. The Hang Seng, Shanghai Composite and Nikkei were up 0.1-0.6% each.

Among the sectoral indices on the BSE Consumer Durables, Power, Auto and IT were the top gainers while Oil&Gas, Realty and FMCG were the top losers.

Infosys was the top Sensex gainer up 0.6% at Rs 2,388 after the US Federal Reserve Chairman Ben Bernanke hinted at definite measures to boost the US economy. Infosys earns most of its revenues from exports to the US.

Reliance Industries was the top Sensex loser down 1.1% while private banking major ICICI Bank was down 0.8%.

Exploration major ONGC was also slipped 0.8% to Rs 274.

FMCG shares also witnessed profit taking at higher levels. HUL and ITC were down 1% and 0.3%, respectively.

Among the individual stocks, Tata Motors shed early gains and was down 0.7% on profit taking at higher levels. The company reported 12% year-on-year rise in total sales at 71,826 units in August this year. The Tata Group company had sold total 64,078 vehicles in the same month of previous year.

Hero MotoCorp was down 0.7% after the company said its total motorcycle sales declined 11.9% to 4.43 lakh units in August 2012 compared with August 2011.

Among others, sares of mining companies like Kalyani Steels, JSW Steel and Sesa Goa were trading higher by 2-15% on the Bombay Stock Exchange after the Supreme Court lifted mining ban on category A mines in Karnataka. Among the individual stock,Kalyani Steels rallied 15% to Rs 60.50 on back of over ten-fold surge in trading volumes. A combined 628,860 shares have changed hands on the counter till early noon deals. Sesa Goa was up 4% at Rs 178 and JSW Steel by 2.4% at Rs 712 on the Bombay Stock Exchange.

Shares of Network18 Group companies Network18 Media and Investments and TV18 Broadcast are trading lower by more than 4% each after these companies fixed the price of their rights issues at a discount to their closing prices.Network18 Media and Investments stock has dipped 6% at Rs 30, while TV18 Broadcast is down 4.4% at Rs 20.55 on the BSE.

Selan Exploration has soared 11% to Rs 294 after the company announced the buyback of its own equity shares from existing shareholders other than promoters.

The BSE Mid-cap and Small-cap indices were both up 0.3% each.

The overall breadth remained positive with 1,325 gainers and 1,029 losers.