Market breadth turns negative

The key benchmark indices are trading flat in the afternoon trade of Monday. The market breadth has turned negative from positive. IT stocks have gained. Public sector oil marketing companies fell as the crude oil price recovered. Reliance Industries extended losses. Grasim Industries fell almost 5%. Asian markets which opened before Indian market were mostly in the red.

Oil rose over $1 to near $115 a barrel as investors eyed a potential supply threat from Tropical storm Fay to oil and gas production in the Gulf of Mexico.

At 12:24 IST, the BSE 30-share Sensex was down 1.85 points or 0.01% to 14,722.33. The key benchmark indices had recovered after opening weak dampened by latest economic data which showed India’s wholesale price index rose to a 16-year high. At day’s high of 14,824.92 hit during the mid-morning trade, the index gained 100.74 points. At the day’s low of 14,602.12, the Sensex lost 122.06 in early trade.

The S&P CNX Nifty was down 15.85 points or 0.36% to 4,414.85.

The BSE Mid-Cap index was down 0.12% to 5,816.52 and the BSE Small-Cap index was down 0.06% at 7,106.

The market breadth turned negative on BSE with 1,122 shares advancing as compared to 1,145 that declined. 98 shares remained unchanged.

India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries fell 2.47% at Rs 2,219.70.

Great Offshore (up 4.31% to Rs 454.10), Gujarat NRE Coke (up 3.75% to Rs 108), Sun Pharmaceuticals (up 3.61% to Rs 1,500), Indian Bank (up 3.39% to Rs 114.40) edged higher from BSE's A group shares.

India Infoline (down 4.64% to Rs 147), Sintex Industries (down 3.41% to Rs 313), Pantaloon Retail (down 2.97% to Rs 367.10) and Hindustan Construction Company (down 2.93% to Rs 96.10) edged lower from A group stocks.

Reliance Natural Resources clocked the highest volume of 59.76 lakh shares on BSE. Kaashyap Technologies (30.68 lakh shares), Vishal Information Technologies ( 28.86 lakh shares), IFCI (22.39 lakh shares) and Ispat Industries (20.75 lakh shares) were the other volume toppers in that order.

Public sector oil marketing fell as crude oil price bounced back from a recent low. BPCL (down 2.69% to Rs 307.65), Indian Oil Corporation (down 1.27% to Rs 434.95) and HPCL (down 2.29% to Rs 218) edged lower.