Markets off highs of the day

Oil & gas index slips, dragged by RIL

Markets have come off the day's high on selling pressure visible in oil & gas space. BSE Sensex, after touching a high of 18705, is now up 29 points at 18607. Nifty is up 7 points at 5,654.

The Asian markets were trading higher on the back of strong US earnings reports brightened investor mood, while the euro hit a one-month high against the dollar as Spain dodged a bullet when Moody's Investor Service kept Madrid's investment grade rating. Hang Seng has jumped 1% to 21,420. Nikkei and Kospi are up 0.5-1% each.

The rupee today gained 22 paise to 52.65 against the dollar in early trade, extending gains at the Interbank Foreign Exchange market on selling of the American currency by exporters and banks.

BSE oil & gas index has slipped 0.5% at 8,483. Realty and metal indices have slipped marginally as well. On the other hand, BSE consumer durables index is up 0.8% at 7,205. Healthcare and auto  index are up half a per cent each.

Back home, HCL Tech beat market expectations with a 78% rise in Q1 consolidated net profit helped by higher contract wins. Reacting to this development the stock was trading up 1% at Rs 591 on the Bombay Stock Exchange.

Tata Motors Ltd will look to ratonalise its product range and overhaul its image, the head of its domestic business said on Tuesday, as he sets about reviving the firm's sputtering local business in a fiercely competitive market. Shares of Tata Motors is up 0.7% at Rs 264.

"Tata Motors is expected to consolidate around Rs 250-280 levels in the short-term. But overall bias for the stock remains positive. Near term supports are at Rs 260 and Rs 250 while resistances are seen at Rs 270 and Rs 280," said Somil Mehta, Sr Technical Analyst (Equity), Sharekhan.

Tata Power is up 2% at Rs 104. Meruti Suzuki, Hindalco and Wipro are up in trades well.

Meanwhile, GAIL has slipped 1.2% at Rs 374. Reliance is down 1% at Rs 806. HUL, TCS and Hero MOtocorp are some of the other key losers.

Lupin Limited has moved higher by 2% at Rs 566 on the Bombay Stock Exchange after the company said that its subsidiary has received a final approval for its Irbesatan tablets from the United States Food and Drugs Administration (FDA) to market a generic version of Sanofi Aventis, Avapro tablets.

The overall breadth is positive as 1302 stocks are advancing while 1050 stocks are declining.