Sensex hovers near 18500; metals, IT, FMCG down

MUMBAI: Indian markets were witnessing a subdued session as weak cues from global peers dampened sentiments. According to analysts, the market is likely to take cues from IIP data to be released later in the day. Gains in auto, capital goods and pharmaceuticals were offset by losses in metals and technology space.

"After a big scare last week, the Indian market has lacked action and excitement this week, with the key indices getting stuck in a "no-man's-land". But, all that could potentially change in the next few sessions, as market participants react to the latest IIP numbers today and the results of the assembly polls on Friday.

We expect a weak opening, thanks largely to a global sell-off led by the US market. But, there may be a turnaround if the IIP data turns out to be better than expected. The drop in crude might also aid the sentiment. Also watch out for the weekly inflation numbers. Overall, we see the sideways consolidation continuing with dull volumes," said IIFL report

At 9:35 am; Bombay Stock Exchange's Sensex was at 18514.53, down 70.43 points or 0.38 per cent. The 30-share index hit a high of 18547.72 and low of 18458.98 in early trade.

National Stock Exchange's Nifty was at 5544.30, down 20.75 points or 0.37 per cent. The broader index touched a high of 5552.85 and low of 5527.30 in trade so far.

BSE Midcap Index was up 0.05 per cent and BSE Smallcap Index moved 0.10 per cent higher.

Amongst the sectoral indices, BSE Metal Index declined 0.92 per cent, BSE IT Index slipped 0.31 per cent and BSE FMCG Index moved 0.25 per cent lower. BSE Auto Index was up 0.10 per cent, BSE Capital Goods Index moved 0.01 per cent higher.

Hindalco (-1.78%), Sterlite Industries (-1.55%), HDFC (-1.38%), Sesa Goa (-1.15%) and TCS (-1.09%) were the major Nifty losers.

Grasim (2.11%), Siemens (1.43%), Bajaj Auto (1.03%), Maruti (0.90%) and Ranbaxy Laboratories (0.65%) were the top gainers.

Market breadth was positive on the NSE with 734 gainers against 635 losers.

Asian markets were witnessing a profit booking session. Nikkei 225 was down 0.65 per cent, Hang Seng declined 0.83 per cent and Seoul Composite slipped 1.38 per cent.