The markets have swinged between zones in the first hour of trade, and now again trade with a slightly positive bias. The Sensex slipped to a low of 16,057, thereafter, recovered and jumped to a high of 16,237 - a gain of 180 points from the day's low. The index, however, has pared gains but is still up 22 points at 16,164.
The NSE Nifty is currently unchanged at 4,845. Realty and consumer durable stocks are the major gainers so far this morning.
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(Updated at 0930 hrs)
The markets opened on a subdued note, shrugging off marginal gains across Asia as concerns over global growth slowdown may keep investors on the sidelines.
The Sensex slipped to a low of 16,058, but has soon recovered now. The index is now up 15 points at 16,156. The Nifty is at 4,843, down two points.
Analysts expect markets to remain under pressure due to recession fears in United States and debt crisis in Europe. SMC Global Research in the weekly note said "Investors are confused over the probable steps by the policy makers from US to Europe to handle the situation and restore the confidence in the markets."
In India there are concerns that domestic growth may take a hit because of weak global economy. SMC added, "Reserve Bank of India may opt for a pause in monetary tightening as the adverse global economic conditions together with the recent interest rate hikes that are yet to be transmitted by the banks, which may dampen the domestic demand going forward."
In August so far, the foreign institutional investors have been net sellers Rs 9,000 crore, while the domestic institutional investors have been net buyers of Rs 6,719 crore according to provisional data. Markets may remain volatile this week on account of futures and options expiry on Thursday.
In Asia markets gave up marginal gains posted on the Monday morning session as investors continued to remain jittery about the developments in the Europe and United States. Japan's Nikkei Stock Average was flat at 8,720, Hong Kong's Hang Seng was down 1% and China's Shanghai Composite gave up 0.5%.
BSE IT index was the top loser, down 1.1%. Mphasis was the top loser, down over 8%, TCS declined 2% and HCL Technologies was off 1.8%.
BSE Capital Goods index was also leading the losses, down 0.8%. Major losers from the Capital Goods index were Crompton Greaves, down 1.7%, Larsen & Tourbo declined 1.5% and Havells India was off 1%.
From the broader markets, midcap and the smallcap indices were trading flat.
Top losers on the Sensex were Hindalco, down 2%, followed by TCS, down 1.6% and Wipro off 1.5%. Prominent gainers were Jindal Steel, up 1.1%, Hero Motors was up 0.7% and JP Associates advanced 0.4%.
Market breadth was slightly higher, 751 stocks advanced for 618 stocks that declined.
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From the broader markets, midcap and the smallcap indices were trading flat.
Top losers on the Sensex were Hindalco, down 2%, followed by TCS, down 1.6% and Wipro off 1.5%. Prominent gainers were Jindal Steel, up 1.1%, Hero Motors was up 0.7% and JP Associates advanced 0.4%.
Market breadth was slightly higher, 751 stocks advanced for 618 stocks that declined.
