Nifty trades weak; IT, oil & gas, pharma down

It seems that bears are taking charge of Indian equity markets. Traders are looking uncomfortable after Nifty broke psychologically important mark 5400. It is drifting towards 5350 with selling in IT, oil & gas, pharma, realty and capital goods stocks.

The global cues added to the woes with Asian and European markets trading lower. Heavyweights like Reliance, Infosys, ICICI Bank, L&T, TCS, ONGC and HDFC were laggards to the bourses. Broader indices were also trading weak both midcap and small indices were down half a percent each. At 13.13 hrs IST, the Sensex was down 99.17 points or 0.55% at 17886.71, and the Nifty was down 29.20 points or 0.54% at 5367.55. About 967 shares advanced, 1734 shares declined, and 950 shares are unchanged. The Nifty has been through a tough week. Inflation is still heavy and RBI