Markets turn flat in late-morning deals

Markets have slipped into the red in late-morning trades owing to selling pressure in oil & gas and metal shares. The Sensex has slipped from the high of 17,488. The index is now flat at 17,435. Nifty is unchanged at 5,298.

Asian markets have gained this morning, as surprisingly firm China manufacturing data dispelled fears of a hard landing in the world's second biggest economy, but caution capped prices before US and European factory data. Nikkei and Shanghai Composite are up 0.5% each.

Meanwhile, the country's exports grew an annual 4.3% to $24.6 billion in February, while imports rose 20.7% to $39.8 billion, government data showed on Monday.

The trade deficit widened to $15.2 billion during the month from $14.8 billion in January, while exports between April and February grew 21.4% to $267.4 billion.

BSE oil & gas index has slipped 0.5% to 8,041. Metal and auto indiceshave slipped marginally in trades. Meanwhile, the consumer durables index has added 3.5% to 6,626. Power, capital goods and realty shares are also in green.

Bajaj Auto has slumped in morning deals - down 2.4% at Rs1,637. Other auto losers include Hero MotoCorp and Maruti Suzuki. However, Tata Motors and Mahindra and Mahindra (M&M) have opened higher after announcing vehicle sales numbers for the month of March 2012.

Coal India, Sterlite and Hindustan Unilever have slipped 1-2% each. Index heavyweight - Reliance, has slipped 1% to Rs 741.

On the other hand, DLF has added 2.3% to Rs 206. Larsen & Toubro has advanced 1.3% to Rs 1,324 on winning Rs 1,875 crore worth of orders in March. NTPC, TCS and BHEL have added around 1% each.

Titan Industries has jumped 6.7% to Rs 244 on reports that the government allowed the company to import gold directly. The move would help the Tata Group firm in saving 1% of its operating cost and also it would get good quality gold.