Nifty below 5000; Cairn, Infosys, ONGC, Sterlite down

MUMBAI: Benchmarks continued to linger near intermediate support levels as investors took some profits off the table after three-day upmove amid negative cues from the US. Realty and auto stocks crawled back in the green while technology, oil&gas and power space continued to lead the losers pack.

At 11:30 am; National Stock Exchange's Nifty was at 4979.80, down 60.20 points or 1.19 per cent. The broader index touched a high of 4999.80 and low of 4972.85 in trade so far.


Bombay Stock Exchange's Sensex was at 16636.70, down 184.76 points or 1.10 per cent. The 30-share index touched intraday low of 16593.06 and high of 16700.64.

"The trend is positive but the short term indicator Stochastic is giving an overbought signal indicating that markets could pause or witness profit taking going forward. We advice a stock specific approach and remain caution on Nifty at higher levels around 5090-5120 levels.

On the lower side support seen at 4990 - 4973 and this relief rally could damage only if nifty future breaks below 4950," said Nirmal Bang report.

BSE Midcap Index was up 0.07 per cent and BSE Smallcap Index edged 0.24 per cent lower.

Amongst the sectoral indices, BSE IT Index slipped 2.42 per cent, BSE Oil&gas Index moved 1.53 per cent lower and BSE Power Index was down 0.82 per cent. BSE Realty Index was up 0.52 per cent and BSE Auto Index advanced 0.44 per cent.

Cairn India (-3.35%), Infosys Technologies (-3.16%), HCL Technologies (-2.87%), ONGC (-2.60%) and Sterlite Industries (-2.50%) were amongst the top Nifty losers.

Hero MotoCorp (3.30%), Reliance Communications (2.95%), Reliance Capital (2.04%), Jindal Steel (1.76%) and SAIL (1.23%) were the top index gainers.