Markets trade lower, Oil & Gas weighs

Markets are trading marginally lower on back of selling pressure in oil & gas stocks. The Sensex is trading lower by 69 points at 19,891 and the Nifty is also trading lower by 22 points at 5968. 

Rishi Nathany, Director, Touchstone Wealth Planners said, "do not expect markets to remain sideways at these levels. They will either give up some of their early gains and take a time and price correction before resuming its upward journey."

Broader markets are tading mixed, the midcap index has fallen 0.4%, where as the smallcap index is trading flat, up 0.1."The current uptrend will continue with greater vigour where mid and small caps also participate," Nathany added.

Oil & Gas and PSU stocks continue to witness selling pressure, the indices are down 1%  and 0.7% each.

FMCG index is the top sectoral gainer, up 0.3%. Mcleod Russel, is the top gainer, up 1%, followed by ITC and Nestle India, up 0.7% and 0.6% each.

Indian Oil Corporation, down 2.4%, HPCL and BPCL down 1.8% and 1.7% each, Reliance Industries is down 1.1% are the top losers from the Oil & Gas space.

From PSU space. Dena Bank, down 2.5%, United Bank and Power Grip Corporation, down over 1.5% are the top losers.

ONGC and Reliance Infra, down 1.7% and JP Associates, down 1.1% are top losers on Sensex. 11 components are trading

in the green on Sensex, HDFC is up 2.8% followed by Sterlite Industries and Maruti Suzuki, up over 1% respectively.

Market breadth is positive, 1257 stocks are advancing while 1636 stocks are declining.