The markets have been stagnant this afternoon after surrendering the marginal gains witnessed in the early part of the day. Having shed more than 200 points from the intra-day highs, the Sensex is currently quoting at 17900, lower by 136 points or 0.8% and the Nifty is at 5352, down 43 points. The broader market space is out-performing on the way down; the midcap index is at 6582, weaker by 116 points or 1.7% and the smallcap index is at 8070, down 191 points or 2.3%.
On the global front, the key benchmark indices in South Korea, Indonesia, Hong Kong, Taiwan and Singapore fell about half a percent each, while Japan's Nikkei index rose by a similar margin. The Chinese markets, which have been shut for the Lunar New Year holidays, will resume trading on Wednesday.
ONGC has slumped by 5.3% at Rs 282 after turning ex-bonus and ex-stock split today. Jaiprakash Associates has weakened by 4.5% at Rs 81 and M&M has shed 3.6% at Rs 643. And index heavyweight RIL is down 1.2% at Rs 918.
Among the stocks to buck the soft trend, Hindalco has strengthened by 2.6% at Rs 238, Bajaj Auto has jumped by 2.4% at Rs 1248 and Tata Power has gained 1.3% at Rs 1210.
The market breadth is weak. Out of 2884 stocks traded on he BSE, there are 616 advancing stocks as against 2176 declines.
