Markets off day's high

Markets gave off some of the morning gains as investors took to booking profit.

The Sensex opened ona strong note this morning and touched a high of 18,737. However, it started slipping soon after and was up 124 points at 18,613.

The Sensex has recovered over 1000 points from the year's low in a week. Nifty has rebounded around 370.

Nifty was up 35 points at 5,572.

"In our opinion around 5620/5630 we should be cautious while adding any fresh long positions. Below the level 5520 the market may exhibit weaker trend. 'Sell Nifty below 5520' with a tight stop loss at 5558 for the target of 5470 and 5445" said Kotak Securities in a report.

Rate sensitives continued to shine in today's markets. BSE auto and IT Indices were up 1.2% each in morning trades.

Bankex gave up some of its gains and was up 1% at 12,519. Indus Ind Bank, Yes Bank, Axis Bank, Union Bank and Kotak Mahindra Bank were the big gainers in the sector - up 1-2% each. HDFC Bank, ICICI Bank and SBI advanced 1% each.

Meanwhile, the capital goods index dropped 0.6% to 13,414.

Tata Power gained 2.6% to Rs 1,223. Hero Honda, HDFC and Mahindra & Mahindra jumped 2% each to Rs 1,539, Rs 683 and Rs 685, respectively.

Bajaj Auto, Reliance Communications, Infosys, Jindal Steel were up around 1% each. Market heavyweight, Reliance added 08.8% to Rs 986.

Meanwhile, Bharti Airtel dropped in trades to Rs 327. Heavyweight, Larsen & Toubro also slipped 1% to Rs 1,646.

BSE market breadth was positive. Out of 2,348 stocks traded, 1,504 advanced while 737 delcined.