The markets closed in the positive with the Sensex gaining 34 points (provisional) at 19,125 and the Nifty added 15 points at 5,744.
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(Updated at 1445 hrs)
The markets are trading on a flat note, with the Sensex marginally down at 19,088 and the Nifty at 5,730. In the broader markets, the smallcap index is down 0.1% while the midcap is flat in line with the Sensex.
Earlier in the day, the markets started on a flat note on the back of weak Asian markets and the US markets closing down over 1% each after rating agency Standard & Poor downgraded its outlook on the US sovereign rating to negative from stable. From there on, the Sensex moved south to touch a low of 18,976, down 115 points from yesterday's close.
However taking support at this level, the BSE benchmark index broke into the positive territory and touched a high of 19,201- up 225 points from the day's low. With no specific cues from wither the national or the international markets, the Sensex moved within a close range of 100 points. However, in the afternoon trades, the markets witnessed a sudden fall as the market heavyweight plunged over 1% on the reports that the gas output from the Panna-Mukta and Tapti fields owned jointly by the BG Group, Reliance and ONGC has declined by around 30%, putting more pressure on supplies after a fall in Reliance's production from the D-6 field.
Bankex and Realty indices up 0.2% each lead the gains while IT index is trading flat after a leading the markets in the morning trades. Oil & Gas too has pared some of its earlier gains and is flat after the Reliance news. On the other hand, Power index slipped 1% followed by FMCG and PSU down 0.8% and 0.6% respectively.
Among the top gainers on the Sensex are Reliance Communications up nearly 2% at Rs 107 followed by Bharti Airtel, HDFC Bank and DLF adding 1% each.
Hero Honda down 4.5% is the top loser on the Sensex after nearly three days of good run. BHEL, ITC, Hindustan Unilever, SBI and Jindal Steel down 1-2% are the other notable losers.
The market breadth is negative. Of the total 2910 stocks traded on the BSE, 1632 stocks have declined while 1188 have advanced.
