Markets off highs of the day

Metal, realty shares gain

Markets continued to move sideways. The Sensex is up 31 points at 17,457. Nifty is up 11 points at 5,298.

BSE mid-cap index has gained nearly 1% to6,284. Small-cap index has followed with 0.7% gains at 6,713.

Meanwhile, the June HSBC Composite PMI stands at 54.3 vs 54.7 (M-o-M).

Metal index has added 1.5% after LMEX, a gauge of six metals traded on the London Metal Exchange (LME), rose almost 3% on Monday, after China, the world's second-largest economy, has reported rise in its Purchasing Managers' Index (PMI) and hopes of further monetary easing by major central banks. Realty and auto shares continue to gain smartly. The indices are up 0.8% each. IT index is languishing in red - down 0.3% at 5,702.
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(Updated at 0947 hrs)
The markets have opened in the green this morning, as traders eye the rupee’s movement against the greenback and track monsoon’s progress across India. The Sensex opened at 17,473 but pared gains soon after. The index is now trading at 17,463 - up 37 points. Nifty is up 11 points at 5,299.

On Tuesday, the benchmark shares indices had closed on a flat note after a choppy session, as gains in financials and telecom shares were erased by losses in FMCG and IT stocks.

Overnight, the Dow Jones industrial average and the Standard & Poor's 500 Index gained 0.6 per cent each.

The rub-off effect was visible across Asian markets, with Taiwan Index and Straits Times gaining 0.2 per cent and 0.3 per cent, respectively.

BSE FMCG index has slipped 0.7% to 4,850. IT index is down 0.5% at 5,720 as the rupee touched its highest in over six weeks on hopes of fresh dollar inflows.

Meanwhile, consumer durables index has gained 3% to 6,473. Realty, PSU and metal indices have moved up 1-2% each in morning trades.

Sterlite has added 1.6% to Rs 107. Maruti Suzuki is up 1.5% at Rs 1210 following the monthly sales data.

JIndal Steel, Tata Steel and Hindalco have advanced 1% each. Bharti Airtel has extended Tuesday's rally and is up 0.7% at Rs 322.

However, Hindustan Unilever has shown some weakness and is down 1% at Rs 438. ONGC, Wipro and Sun Pharma are down 0.5-1% each.

Among individual stocks, Ashok Leyland has gained 3% at Rs 25 following the 28 per cent rise in sales during June 2012 at 10,244 units.

LIC has hiked its stake in Cairn India to over 5 per cent through open market route that are about 5 per cent costlier than the price at which the firm's former promoter, Cairn Energy has been selling its shares. Cairn India is up marginally at Rs 315.

Sri Adhikari Brothers Television Network has jumped 5% on reports that it plans to launch nine channels by 2012-end in the regional general entertainment and niche spaces.

GTL Infrastructure has slipped 2.5% at Rs 9.19 after the company said that it has set up a committee to restructure its outstanding dollar convertible bonds due in November 2012.

BSE mid and small-cap indices have gained in line with the benchmark. BSE mid-cap index is up 0.5% at 6,271. Among individual stocks, Whirlpool has added 5%, followed by REI Agro, Max India and Voltas. Meanwhile, Procter & Gamble has declined 3% to Rs 2150. Financial Technologies, Alstom T&D, 3M India and Radico Khaitan are down in trades.

BSE market breadth is positive. Out of 1.666 shares traded, 1,086 shares have advanced while 504 shares have declined in trades.