Markets trade choppy; broader markets slightly in red

The benchmark equity indices continue to trade choppy with negative bias in late afternoon session on the back of sustained profit-booking in realty, Power, capital goods and Oil & Gas sector stocks. Though, the European markets and US index futures were trading in green, while majority of the other Asian markets settled in green but the domestic markets remains unaffected by these positive cues, trading in subdued mood. Back home, the broader markets were trading in positive; the BSE Mid cap and Small cap indices gained 0.03% and 0.13%, respectively. Buying was witnessed in ONGC, Maruti Suzuki, Mahindra & Mahindra, Bharti Airtel and Infosys. However, some of the heavyweights like Wipro, BHEL, RIL, JP Associates down and Reliance Infra down. The market breadth on the BSE was in favour of advances in the ratio of 1467:1324 while 114 scrips remained unchanged.

The BSE Sensex shed 94.93 points or 0.49% at 19,450.42. The index has touched a high of 19,633.63 and a low of 19,412.79 respectively.

The BSE Mid cap and Small cap indices gained 0.03% and 0.13%, respectively. 

On the BSE sectoral front, CD up 0.67%, PSU up 0.38%, HC up 0.07% and FMCG up 0.03% were the only gainers. On the other hand, Realty down 1.41%, CG down 0.97%, Power down 0.73%, Oil and Gas down 0.71% and Bankex down 0.69% were the major laggards in the BSE sectoral space.

The top gainers of the Sensex were ONGC up 2.19%, Maruti Suzuki up 1.74%, Mahindra & Mahindra  up 1.14%,  Bharti Airtel up 0.86% and Infosys  up 0.56%

On the flip side, Wipro down 2.82%, BHEL down 2.08%, RIL down 1.82%, JP Associates down 1.65% and Reliance Infra down 1.46% were the major losers on the index.

The Doha round of World Tarde Organisation (WTO) continues to remain in a state of comma as the latest draft proposals circulated by the multilateral body fail to evoke any substantial change in key member's positions, particularly on the controversial sectoral talks for cutting down duties by emerging nations.

As a result, the disagreements between the US and large emerging nations including India, China and Brazil remain as wide as they ever were. India's commerce and industry minister Anand Sharma on Tuesday stated that while his ministry was examining the latest draft, there was no change on its position with regard to mandatory participation in sectoral negotiations to eliminate duties on select industrial goods as has been demanded by the US.

'We have made our position on sectorals clear. While we are not saying that sectorals are no-go areas, we want the freedom to decide where we want to participate and where we do not,' Sharma told media persons while talking about prospects of Doha deal's future. He added that India was committed to multilateral trading regime and will do everything needed to ensure a successful conclusion of the Doha round, but without jeopardizing the interests of its local businesses. 

There was a clause in Doha round negotiations that there would be separate negotiations between the US and emerging countries including India and China regarding cutting down the tariffs for import of manufactured products at sectoral levels. This however was supposed to be a voluntary negotiation between the two sides and was not to be made mandatory under the final lines of Doha deal.

However, close on heels of the global financial crisis of 2008, the US demanded that emerging nations must first give an assured commitment to participate in the sectoral negotiations before it would agree with the already negotiated farm and NAMA (non-agricultural market access) agreements. Emerging nations while have offered to participate in sectoral negotiations voluntarily, they continue to oppose any mandatory clause in this regard to be introduced into the Doha deal agreement.

The S&P CNX Nifty trimmed 34.05 points or 0.58% at 5834.35.The index has touched a high and a low of 5892.35 and 5819.95 respectively.

The top gainers of the Nifty were ONGC up 2.12%, Maruti Suzuki up 1.55% M&M up 1.14%, Bharti Airtel  up 0.96% and Infosys  up 0.50%

On the flip side, Ambuja Cement down 3.90%, Wipro down 3%, BHEL down 2.28%, and Reliance Infra down 2.07% and Reliance Industries down 1.91% were the major losers on the index.

The other Asian markets settled in mixed range. Jakarta Composite gained 0.80%, KLSE Composite rose 0.17%, Nikkei 225 surged 1.39%, Straits Times soared 0.34%, Seoul Composite, surged 0.02% and Taiwan Weighted increased 1.13% while Shanghai Composite shed   0.46% and  Hang Seng declined 0.48%.

Majority of the European  markets were trading in green. CAC 40 surged 0.40%, DAX added 0.55% while FTSE 100 slipped 0.09%.

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