The markets slipped in the early trade following weak global cues. However, they managed to recover a bit and were trading with extreme volatility. Metal, realty and select technology stocks were under pressure. However, select infrastructure stocks were the gainers.

At 9:56 am, the Sensex was down 30 points, to 14,628 and the Nifty fell 12 points, to 4,336. The CNX Midcap fell 27 points, to 5,468 and the Nifty Junior was down 30 points, to 7,810. About 167 shares advanced while 396 shares declined on the NSE.

Among the frontliners, Cairn (crude slipped 3.7%), Infosys, DLF, Sterlite, Tata Communication, ICICI Bank, Tata Motors, Hindalco, Tata Steel, SAIL and Unitech lost the ground.

However, Ranbaxy, Bharti, L&T, BPCL, PNB, Reliance Power, Reliance Industries, HDFC and HUL were the gainers.

Midcap space

Sesa Goa was down 3% and Neyveli Lignite fell 1%. 

Assam Company was up 5%; yesterday the BSE canceled its block deal due to lack of coordination in bourses on circuit filteres.

ITI locked at 5% upper circuit and Mahindra Satyam was up 1% good volumes. Kalindee Rail and Texmaco were also up ahead of budget.

GVK Power was marginally positive, as its QIP (qualified institutional placement) was oversubscribed and the company raised USD 150 million.

Balaji Telefilms lost 4%, as its got show cause notice on service tax for Rs 63.5 crore.

JP Hydro Power was up 1%, ahead of its board meet on on FPO / QIP / GDR / ADR / FCCB issue.

Global Cues:

Asian markets were trading lower. Nikkei was down 1.35% and Straits Times fell 1%. Kospi, Taiwan Weighted and Hang Seng slipped 0.3-0.6%. SGX Nifty lost 0.9%. However, Shanghai was up 0.3%.

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