Markets swing in morning trades, IT weighs

After starting the day in the negative, the markets moved upwards to hit a morning high of 18,622, gaining 30 points from the opening. However, as the IT and Oil & Gas indices lost its momentum, the BSE benchmark index  dropped in the negative but quickly pulled back into the green territory. Currently the Nifty is down flat at 5,582 while the Sensex is up 15 points at 18,576.

The broader markets continue to trade in the positive outperforming the Sensex. The smallcap index is up 0.6% and the midcap index added 0.5% as compared to the Sensex which is flat with a negative bias.

Among the sectoral indices, Realty index up 1% continues to lead the gains followed by Consumer Durables and Metal indices adding 0.8% and 0.6% respectively. On the other hand, IT index continues to languish in the negative, down 0.4%.

The top gainers among the Sensex stocks are Hindalco up 2% followed by BHEL,DLF,HDFC Bank, Jaiprakash Associates and Tata Power gaining 1% each

Among the losers are Cipla and TCS down 1% each. Mahindra & Mahindra, NTPC, Hero Honda and ICICI Bank down 0.4-0.8% are the other notable losers.

The market breadth is positive. Of the total 2374 stocks traded on the BSE, 1552 stocks advanced while 733 declined.