The markets traded on a subdued note in the mid morning deals ahead of the inflation data to be announced by the government later today. The Sensex was at 18,535, lower by 61 points and the Nifty is at 5,574, down 11 points.
According to Ashish Chaturmohta, Vice President ( Derivatives & Technical Analyst), IIFL Wealth "Market is looking sideways in a narrow range of 5480-5620 where its immediate support & resistance is seen respectively. If any of the levels breached would decide the short term trend. Stock specific movement may remain on account of the result season."
Infosys is the top loser among the Sensex stocks. It has shed 1.5% to Rs 2,741. Mahindra & Mahindra is also trading lower by 1.3% at Rs 709. ITC, Reliance Communications, Tata Power, Hero Honda, ONGC and Wipro are also trading lower by 0.8-1% each. At the same time many stocks which were trading lower have shown a smart recovery. DLF is the top gainer, the stock has advanced nearly 2% to Rs 231. Hindalco, Maruti Suzuki, Tata Motors, ICICI Bank, Sterlite Industries, SBI and J P Associates were also among the top gainers on the benchmark index.
Technology stocks continued to witness the selling presure. THE BSE IT index was down nearly 1% or 56 points at 5,865. BSE Teck index declined 0.7% to 3,582 levels. FMCG, Capital Goods, Oil & Gas, Power and Auto indices were also trading in the red. On the other hand The Realty index was the top gainer, up 1.3% at 2,178. BSE Banking index- Bankex recovered and was up 0.5% at 12,807. Consumer Durables, Metal, PSU and Healthcare indices were also trading higher.
Infosys, Wipro, Mphasis, HCL Tech, Patni Computer and Oracle Financial Services Software and Core Projects were the top losers among the IT stocks. Unitech, Orbit Corp, Anant Raj Industries, D B Realty, DLF and Indiabulls Real Estate were the top gainers among the realty stocks.
The broader markets have outperformed the benchmark indices. The BSE mid-cap index is up 0.5% at 7,024 and the small-cap index is up 0.32% at 8,368.
The overall breadth remains positive as 1,365 stocks are advancing while 927 stocks are declining.
