Tech, metal & oil stocks in red

New Delhi: The market is trading lower. At 11:29 am, the Sensex is down 50.72 points at 9532.73.

The Nifty is down 20.75 points at 2889.35. The CNX Midcap Index is down 0.90 point at 4237.15.

The market breadth is weak, about 1011 shares have advanced, 1146 shares declined, and 71 shares are unchanged.

HDFC, IPCL, Infosys, HPCL, HLL, Hindalco and Hero Honda are the biggest index losers.

FIIs were net buyers of Rs 200.86 crore (Rs 2 billion) in F&O and Rs 278.56 crore (Rs 2.78 billion) in Nifty Futures on January 9. They were net sellers of Rs 78.9 crore (Rs 789 million) in Stock Futures on January 9.

Analysts say the market is expected to be rangebound due to the earnings season kicking in this week. Traders are cautious and have reduced their exposure in F&O. However, from the long term perspective, the outlook is positive and the rally in midcaps is likely to continue.

The BSE IT Index has underperformed the other indices. It is down 1.19 per cent amid losses in Infosys, Patni Computer, TCS, HCL Tech, Moser Baer, Wipro, Satyam, Hexaware Tech and i-flex Solutions.

Metal stocks like Sterlite Industries, Welspun Gujarat, Sesa Goa, Hindalco, Tata Steel, Jindal Steel, Nalco and Gujarat NRE Coke are also trading in the red. The BSE Metal Index is down 0.85 per cent.

Oil stocks like Kochi Refineries, HPCL, MRPL, IOC, BPCL, Reliance and Gail are also witnessing selling pressure. The BSE Oil & Gas Index is down 0.82 per cent.

Losses are also seen in consumer durables, FMCG, auto and capital goods stocks.

The BSE Consumer Durables Index is down 0.71 per cent and the BSE FMCG Index is down 0.49 per cent.

The BSE Auto Index is down 0.34 per cent and the BSE Capital Goods Index is down 0.22 per cent.

Some pharma stocks however have gained. The BSE Healthcare Index is up 0.49 per cent amid buying in

Select buying is also seen in banking stocks. The BSE Bankex is up 0.16 per cent.