US markets closed with gains for the third straight day yesterday, but that is not having any major impact on Asian markets today. Asian indices are mixed with Japanese Nikkei declining substantially. South Korea is doing well with gains of over a per cent.
Indian markets are struggling at higher levels as evident from the listless movement of the indices over the last couple of days.
The Sensex opened higher at 10168 and saw a high of 10184. The index is trading lower by 48 points at 10076 at 11.10 AM.
The Nifty opened flat at 3022 and saw a high of 3039 in early trades. The index is trading lower by 13 points at 3008.
FMCG is the worst performing sector today as frontline stocks are correcting after the recent rally. HLL has given up nearly 2.5 per cent while Dabur has declined nearly 3 per cent. ITC is trading lower by nearly 2 per cent.
Grasim has lost considerable ground after yesterday's rally. The stock is now trading lower by more than 3 per cent.
Tata Tea is continuing the correction from yesterday and has given up another 2 per cent.
HDFC Bank, VSNL, Hindalco, BPCL and Sun Pharma are among the other losers.
Glaxo is the best performer among index stocks, recovering from yesterday's decline. The stock has added nearly 2 per cent.
Bajaj Auto is continuing the up trend after yesterday's mild correction. The stock has added over 1.5 per cent.
Steel stocks are firm today as well with SAIL gaining 1.5 per cent. Tata Steel has added more than 0.5 per cent.
Maruti, Tata Chemicals, Satyam and Wipro are the other major gainers.
Among the mid-caps, tea plantation stocks have finally come under pressure today. Almost all the stocks in the sector like Williamson Magor, Jayshree Tea, Harrison Malayalam, Williamson Tea and McLeod Russell have lost considerably ground.
Titanor Components and Jayant Agro Organics are among the major gainers in mid-caps.