Markets continue sideways movement

Markets continued to move sideways in noon trades. The Sensex was down 87 points at 18,289. Nifty was down 29 points at 5,487.

However, media stocks soared in trades on buzz in the market that FDI holding in MNCs would be raised to 75%. UTV Software zoomed 11.3% to Rs 741. Zee Entertainment gained 1% at Rs 142. Sun TV surged 5.7% to Rs 299. NDTV advanced 13% to Rs 71. Network 18 surged 2.6% to Rs 158.

"There is a buzz that UTV may go for a stake sale. Disney might increase the stake in UTV and the announcement is expected on 10th June." said Kishore Ostwal, CNI Research. Walt Disney currently owns 50% stake in the company.

European markets have opened in red. CAC was down 0.5% at 3868. FTSE and DAX slipped 0.3% each in opening trades.
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(Updated at 1139 hrs)

Markets continued to trade in red, following weak cues from Asian markets. The Sensex dropped to a low of 18,258 in morning trades and was trading near that level at 18,283 - down 93 points. The Nifty was down 31 points at 5,485. Banking stocks weighed on the index.

Asian indices moved down after a dissapointing US jobs data. The Nikkei slipped 1.2% to 9,372. Straits Times was down 0.5% at 3,128.

All the sectoral indices were in red - led by metal and auto stocks. The indices slipped 1% each to 14,911 and 8,714, respectively.

ICICI Bank and SBI contributed most to the Sensex's fall. ICICI Bank was down 1% at Rs 1,037 while SBI slipped 1.5% at Rs 2,276. However, HDFC Bank was up 0.5% at Rs 2,363.

Jaiprakash Associates slumped 3% to Rs 82. Bajaj Auto, Hindalco, Jindal Steel slipped 2% each. Maruti Suzuki, Mahindra & Mahindra and Hero Honda were down among auto stocks.

"Majority of Auto stocks has seen fresh short addition. Tatamotors was having a very good support of 1040 levels and it has finally closed below that, so any pullback around those levels can be taken as an opportunity for short. Bajaj auto is trading near its support zone and we may see a good bounce from current levels," said Hormuz Maloo,Technical Analyst, Geojit BNP Paribas Securities.

Market heavyweight, Reliance Industries slipped 0.6% to Rs 931. The IDR of Standard Chartered Plc hit a lower circuit of 20% at Rs 91.75 after Sebi issued framework for investors to redeem Indian Depository Receipts into underlying equity shares if they become illiquid.

BSE market breadth was negative. Out of 2,461 stocks traded, 1,409 declined while 924 advanced.