Markets erase morning gains

Auto shares continue to languish

Markets have turned volatile and slipped to the day's low. The Sensex is flat at 15,943. Nifty is unchanged at 4,832.

"Trend is down on charts; whereas near term index is expected for a technical bounce; therefore one could buy Nifty at dips with a strict stoploss of 4780 target / resistance expected would be 4890 / 4950 / 4980," said Ravi Nathani, Technical analyst, Nsetoday.com.

Asian markets are in the red. Nikkei is down 0.6% at 8,499. Hang Seng has dropped 0.5% at 18,682. Shanghai Comsposite is down 0.3% at 2,356.

BSE oil & gas index 1% at 7,523. Bankex and PSU indices are up marginally. However, BSE realty index has slipped 1% at 1,537. Auto, consumer durables, IT and power sectors are also showing some weakness.

ONGC has added 3% to Rs 251. HDFC is the top contributor on the Sensex's upmove. The stock is up 2.6% at Rs 652. Gail, Bharti Airtel, HDFC Bank are also in green.

Meanwhile, Maruti Suzuki is down 2.3% at Rs 1,124. Tata Power, Sun Pharma, Bajaj Auto and TCS are down 1-2% each.

BSE market breadth is neutral. Out of 1,831 stocks traded, 880 shares have advanced hwile 861 shares have declined.