Sensex consolidates; IT, metals gain, banks, realty dip

The Sensex started the day mildly on a positive note and was trading in a narrow range, around previous closing values. The US markets rallied but Asian markets were quiet in trade. Banking, realty and select oil & gas stocks were under pressure while metals were gainers.

At 9:56 am, the Nifty fell 10 points to 5,047 and the Sensex declined just 32 points to 17,001. The broader indices were also flat, as about 422 shares advanced while 310 shares declined on the NSE.

Among the frontliners, ONGC, SBI, ICICI Bank, Unitech, Suzlon Energy, DLF, HCL Tech, Reliance Industries (Its AGM today), Idea Cellular and Reliance Capital were seeing selling pressure.

However, Jaiprakash Associates gained 1.7%. Infosys, Siemens, Cipla, Ambuja Cements, Tata Steel, Sterlite Industries, SAIL and Jindal Steel & Power were the gainers in the early trade.

Midcap space:

Auto ancillary stocks like Amtek Auto, Subros and Apollo Tyres went up 1.5-5%.

Noida Toll Bridge was up 4%.

Aviation stocks were quiet in trade, ahead of FDI in Aviation meeting today.

Lanco and IVRCL Infrastructure were down 1.5%

WWIL and Zee News fell 1.5-2.5%.

Global cues:

Asian markets were trading weak. Hang Seng, Nikkei, Taiwan Weighted, Kospi and Straits Times declined marginally. Shanghai and Jakarta were flat.

The US markets hit fresh 13-month closing highs post Bernanke's comment, weak dollar and US retail sales. Ben Bernanke signaled plans to leave rates low for a while leading to weakness in dollar and gain in commodities.

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