Mumbai: The benchmark indices are extremely choppy and moving in very narrow range. Selling is seen in realty, auto, telecom, banking stocks as well as RIL, L&T, NTPC, TCS, Wipro and ICICI Bank. However, buying is ssen in metal, FMCG stocks as well as Tata Power, Infosys and ONGC.
The Sensex went down 34 points to 9,167 and the Nifty fell 8 points, to 2,794, at 10:48 hours IST. BSE Midcap and Small cap indices are flat.
Satyam Computers tumbled 7 per cent on the back of profit booking.
Shipping sector is buzzing on the bourses, as Baltic Dry index rose 14.6 per cent to 1,316 pts, its highest in 3½ months. Mercator Lines jumped 22 per cent and Essar Shipping gained 13.5 per cent. Among others, ABG Shipyard, Bharati Shipyard, GE Shipping, Seamec, Shipping Corp, Shreyas Shipping and Varun Shipping went up 3.5-8 per cent.
Market breadth is in favour of declines; about 1251 shares have advanced while 1495 shares declined. Nearly 244 shares are unchanged.
On the global front, Asian markets are mixed. Nikkei, Kospi and Taiwan went down marginally. However, Straits Times gained 0.4 per cent. Hang Seng rose 2.7 per cent. Shanghai went up 1.5 per cent, as China State council approved plans to boost industry. This plan includes using export credit lines to boost exports.
Markets @ 9:57 am : Mkts lackluster; Nifty hovering around 2800 mark
The markets are completely lackluster in the opening trade and continue to trade in a range for the third day in a row. Metal, private banking and select telecom stocks are seeing buying interest while realty, auto stocks as well as BHEL and HUL are under pressure.
At 9:57 am, the Sensex went up just 7.5 points to 9,209 and the Nifty gained 8.75 points at 2,811. CNX Midcap rose 18 points, to 3,298.
Among frontliners, Sterlite Industries, SAIL, Nalco, ICICI Bank, Reliance Capital, Reliance Communication, HDFC Bank, M&M, HCL Tech, L&T, ONGC, Tata Steel, ITC and Bharti Airtel are on buyers' radar. However, Tata Motors, DLF, Unitech, HUL and BHEL lost ground.
Tata Motors lost over 3 per cent, as there are reports that the company failed to pay vendors, suppliers.
Mercator Lines surged over 8 per cent due to upsurge in Baltic Dry Index. Sesa Goa and Ispat Industries went up 4 per cent each (Ispat Industries creditors agreed to relax re-payment schedule of Rs 586 crore).
Asian markets are trading higher. Hang Seng went up 2.8 per cent and Shanghai rose 1.8 per cent. Nikkei, Straits Times, Taiwan, Kospi and Jakarta gained marginally.
Crude oil ended 1 per cent up at around $40/bbl. Gold rebounded from two days losses and closed $10 up at around $905/ounce. Silver was up over 15 at $12.46/ounce.
Baltic Dry index rose 14.6 per cent to 1,316 pts, its highest in 3½ months. Baltic Dry index is still below its all-time high of 11,793 pts, but has recovered nearly 100 per cent from its December 22-year low of 663 points. DryShips surged 17.5 per cent ((was up 25 per cent a day ago)) on back of 12th straight day gains in Baltic Dry Index.
US markets slipped from day's high on back of disappointing earnings from consumer companies like Kraft, Disney. Financials dragged on back of uncertainty regarding stimulus plan, which is expected to be unveiled next week.
President Obama imposed a $500,000 per annunm compensation cap on companies receiving TARP funds.
Dow Jones ended down 122 points at 7957, which slipped 205 points from day's high of 8163. Nasdaq ended flat at 1515, which slipped 35 points from day's high of 1550. S&P 500 was down 6.2 points at 832, which slipped 20 points from day's high of 851.
Market cues:
*FIIs net sell USD 40 million in equity on February 2
*MF net sell Rs 126 crore in equity on February 2
*NSE F&O Open Int up by Rs 2,095 crore to Rs 44,967 crore
F&O cues:
*Nifty ends up 0.7 per cent; Feb Open Int up 1 per cent or 2.7 lakh shares
*Total Fut Open Int up by Rs 513 crore, Total Options Open Int up by Rs 1,582 crore
*Nifty Feb Fut discount at 21 pts versus 19 pts a day ago
*Stock Fut add 2.26 cr shares in Open Int
*Nifty Open Int unchanged at 1.07
*Nifty Calls add 24.5 lakh shares in Open Int, Puts add 25.6 lakh shares in Open Int
*Nifty 2800 Call adds 9.2 lakh shares in Open Int
*Nifty Mar 2200 Put adds 7.2 lakh shares in Open Int
*Nifty Feb 2700 Put sheds 2.5 lakh shares in Open Int
*Nifty Feb 2800 Put adds 5.3 lakh shares in Open Int
*Total F&O turnover at Rs 32,068 crore versus Rs 40,066 crore
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