Markets remain weak

Markets are trading on a lacklustre note, however they have showcased a partial recovery in the noon deals. The Sensex is down 62 points at 16,785 and the S&P CNX Nifty is down 19 points at 5,031. Earlier in the day, the markets opened in the red on back of subdued global cues and profit booking across the sectors.

According to Hormuz Maloo, technical analyst with Geojit BNP Paribas, "The Nifty made a gap on December 1 and is now near its 50 day moving average, so it is possible that it could turn downwards from current levels itself. Nevertheless expect for the slight weakness witnessed this morning, a fresh downtrend has not been triggered as yet. Therefore, the uptrend may continue or it may not, but even if it does reach higher, 5200-5250 level is likely to be its maximum target."

Tata Steel is the top loser among the Sensex stocks, down 2% to Rs 410. Sun Pharma, ITC, HDFC, Sterlite Industries, HDFC Bank, Wipro, Hero MotoCOrp, Bajaj Auto and ICICI Bank are also trading weaker by 1-1.6% each.

On the other hand, BHEL, J P Associates, DLF, Maruti Suzuki, NTPC, TCS, Mahindra & Mahindra and Hindalco are among the notable gainers. 

Among the individual stocks, Shares of Stone India have rallied 12.4% to Rs 30 in trades today after the company announced signing memorandum of understanding with Voith, Germany.

Autoline Industries has frozen at the upper circuit of 20%, at Rs 112, for the second consecutive day on the back of huge volumes. The stock has rallied 47% in past three trading days on the Bombay Stock Exchange (BSE).

Shares of companies engaged in retail business have plunged more than 7% each on reports that the government is considering putting on hold the decision to allow foreign direct investment (FDI) in the retail sector.

Consumer durables, metal and FMCG stocks are under selling pressure.  BSE Consumer Durables index is the top sectoral loser, down 1.2% or 69 points at 5,813. Metal index is down 114 points at 10,799 and FMCG index has also lost 14% to 4,072 levels. Bankex, Oil & Gas, IT, Healthcare, Auto and Realty indices are also in the red.

At the same time, Capital Goods and Power indices are trading marginally higher.

VIP Industries is the top loser from the capital goods space, down nearly 5% to Rs 118. Titan Industries is also down 2% at Rs 187. Whirlpool, Bajaj Electricals, Blue Star and TTK Prestige are also trading in the red. From the metal space, JSW Steel, Tata Steel, Sesa Goa, Sterlite Industries, NALCO, NMDC and SAIL are among the top losers.

The broader markets are trading on a listless note. The BSE mid-cap index is down by a point at 5,761 and the small-cap index is at 6,191, higher by a point.

The overall breadth is neutral as 1,170 stocks are advancing while 1,199 are declining.