Markets off day's low

Markets have recovered some lost ground in the noon deals but continue to remain in the red. The Sensex is down 63 points at 17,180 and the Nifty has shed 22 points at 5,222 levels. Earlier in the day, the Sensex touched the low of 17,075 levels on the back of heavy selling pressure.

According to Shshank Mehta, Derivatives Strategist with Shah Investor's Home, "We believe 5,185-5,195 will act as strong support pocket for Nifty. Traders with a bullish view may initiate long positions in Nifty at current levels. Please note that a decisive close below our suggested support level of 5,185-5,195 will confirm the downtrend and should be observed as a strict stop loss for traders with long positions."

The Asian markets were also trading in the red. The Nikkei slipped 79 points to 9,458, Hang Seng was down 216 points at 20,139 and the Shanghai was trading marginally lower at 2,305 levels.

Back home, metal and capital goods stocks are amongst the worst hit in trades today. The BSE Metal index is the top sectoral loser. The index has shed 1.15% or 125 points to 10,742 levels. Sesa Goa, Sterlite Industries, Jindal Steel, Hindustan Zinc, Tata Steel, SAIL and NMDC are among the top losers from this space.

The Capital Goods index has also shed 1% or 93 points to 9,842 levels. Thermax, BEML, Havells India, Crompton Greaves,, Siemens, BHEL and Lakshmi Machine Works are among the prominent losers from this sector.

Realty, power, bankex, oil & gas, auto, FMCG, consumer durables and IT indices are also among the laggards on the sectoral front. While at the same time,  healthcare and PSU indices are trading marginally higher.

Among the Sensex stocks, Bharti Airtel, reliance Industries, TCS, Bajaj Auto, ITC, Laarsen & Toubro, DLF, HDFC Bank, ICICI Bank, Tata Motors, Hindalco, State Bank of India and Cipla are among the prominent stocks languishing in trades so far.

On the other hand, Cun Pharma, ONGC, Gail India, Infosys, Tata Power, NTPC, Mahindra & Mahindra and hero MotoCorp are among the notable gainers.

Strides Arcolab has rallied 5% to Rs 629, its lifetime high market price, after the company said it has received approval from the US FDA for Vancomycin Hydrochloride Capsules, an antibacterial indicated to treat infections that include C. difficile-associated diarrhea and enterocolitis caused by Staphylococcus aureus.

The broader markets are trading on a subdued note. The BSE mid-cap index has shed 21 points to 6,350 levels and the small-cap index is up 7 points at 6,800 levels.

The overall breadth is neutral as 1,296 stocks are declining while 1,188 stocks are advancing.