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Today, Sensex slips in red
March, 04th 2010

Indian markets slipped in the red for the first time in past one week as bulls took a breather after post-budget rally. Subdued global markets also dampened sentiments. Gains in realty, power and metals were offset by losses in IT, auto and pharma stocks.

Our markets maintained their rising streak by gaining nearly 1.5% yesterday. Sensex regained the 17000 mark after 21st January while Nifty ended at 5088. The benchmark has gained 4.7% in 3 sessions. FIIs bought worth Rs 959 crore. in cash and 2937 cr in F & O.

While there is nothing to suggest that the rally has weakened, some sort of profit booking is not ruled out after the sharp rise seen over past 3 sessions. 4950, which acted as a resistance earlier, would now act as a strong support on any fall. On the upside the meaningful resistance comes only in 5170-5240 region, said Anagram Stock Broking note.

At 9:30 am, the Bombay Stock Exchanges Sensex was at 16977.55, down 22.46 points or 0.13 per cent. It touched a high of 17024.96 and low of 16957.76 in trade so far.

National Stock Exchanges Nifty was at 5076.35, down 11.75 points or 0.23 per cent. The broader index hit a low of 5071.35 and high of 5096.95 in early trade.

Meanwhile, the BSE Midcap Index was up 0.61 per cent and BSE Smallcap Index moved 0.54 per cent higher.

Amongst the sectoral indices, BSE IT Index was down 0.76 per cent and BSE Auto Index slipped 0.30 per cent.
BSE Realty Index was up 1.48 per cent and BSE Metal Index gained 0.66 per cent.

Infosys (-1.13%), ACC (-1%), Hero Honda (-0.82%), Tata Power (-0.79%) and Tata Motors (-0.68%) were amongst the top losers.

DLF (2.20%), Sterlite Industries (1.25%), Reliance Infra (1%), SBI (0.86%) and Reliance Communications (0.75%) were amongst the top Sensex gainers.

Market breadth was positive on the BSE with 1191 advances and 574 declines.

Wall Street ended little changed on Wednesday as worries about bank regulation and a setback for drug company Pfizer offset signs of improvement in the labor market and services sector.

The Dow Jones Industrial Average was down 9.22 points, or 0.09 per cent, to close at 10,396.76. The Standard & Poor's 500 Index was up 0.48 points, or 0.04 per cent, at 1,118.79. The Nasdaq Composite Index fell 0.11 point at 2,280.68.

Asian counters, too, were trading with minor losses. The Nikkei inched down 0.32 per cent, Hang Seng lost 0.43 per cent and Taiwan Weighted fell 0.86 per cent.

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