Sensex, Nifty flat in volatile trade; ONGC tops loser list

Moneycontrol Bureau

Key equity benchmarks continued to trade volatile, with the Nifty struggling to hold the 5500 mark, pulled lower by commodity and FMCG stocks. 

The broader markets too give up all gains and the market breadth deteriorated led by infrastructure stocks like IVRCL, Punj Lloyd, GVK and Adani Power.

At 13.46 hrs IST, the Sensex is up 9.47 points or 0.05 percent at 18235.95, and the Nifty up 3.65 points or 0.07 percent at 5498.75.

Shasun Pharma, however, gains 3 percent as company enters a licensing agreement with a Swiss company for the manufacturing and commercialization of Huperzine-A, used to treat Alzheimer's disease.

ONGC is among the top losers on Nifty. Speaking to CNBC-TV18, the management said that there is no communication from the government on the subsidy front. The Q4 burden is likely to be similar to last quarter despite reforms. There is no clarity on timing for gas price hike yet. However, the FY14 production target is seen higher at 28.6 million tonne.

eClerx rallies as the board approves buy-back of shares up to 10 percent. Promoters hold 53.26 percent stake in the company. 

Gati is up 4 percent as the company plans merger of 5 wholly owned subsidiaries with the parent company. The management says the amalgamation is expected to enable better financial capabilities and result in an enhanced shareholder value.

Bilcare is under pressure, down 5 percent as United Bank initiated legal action on the company. Speaking to CNBC-TV18, the management said that Bilcare management has not provided a definite plan to service the loans and they have collateral to protect the entire loan

NSE will shift 51 stocks to the trade-to- trade segment from April 12. These stocks include names like A2Z, Bartronics, Triveni Engineering, Uttam Sugar. Trading in these stocks will now take place in a price band of 5 percent. Most of these counters are under significant pressure in today's trade.