Market update: Sensex sheds gains after crossing 14000

Firm trend across most Asian markets helped the frontline Indian indexes to start on a very positive note. Sensex went past 14000 in opening trades while the Nifty crossed 4100. However, both indexes have given up all their gains and are trading flat.

Sensex opened at 13973 and saw a high of 14047. The index is trading higher by 6 points at 13903 at 11.10 AM IST.

Nifty opened at 4084 and saw a high of 4122 before giving up. The index is now trading flat at 4084.

Steel stocks are among the best performers in early trading. Tata Steel is the biggest gainer among Nifty stocks, having added nearly 2.5 per cent. SAIL is trading well over a per cent higher.

ONGC is continuing the rally from last week and has added another 1.5 per cent.

Zee Entertainment has extended its gains and has added another 2 per cent.

Tata Power has added nearly 2 per cent.

Among telecom stocks, Bharti Airtel and VSNL are trading with gains of nearly a per cent each.

Among other major gainers, HDFC and Hero Honda have added around a per cent each while Siemens is trading nearly a per cent.

Sun Pharma has tumbled in early trading and is the worst performing Nifty stock with losses of over 7.5 per cent.

Among banks, SBI has slipped over a per cent while PNB and HDFC Bank are trading with losses of nearly a per cent each.

HCL Tech has corrected 2.5 per cent after previous week's surge.

Gujarat Ambuja has slipped well over 2 per cent following the resignations of its CEO.

Sterlite Industries has corrected more than a per cent.

Among other losers, ITC has lost 1.5 per cent while Suzlon and MTNL have declined around a per cent each.

Mid-caps and small caps have also given up part of their early gains. The NSE mid-cap index is now trading with gains of close to 0.1 per cent. BSE mid-cap index has added close to 0.35 per cent and the BSE small-cap index is trading more than 0.3 per cent higher.

Numeric Power Systems is locked in 10 per cent upper circuit for the second consecutive session.

Swaraj Mazda has gained more than 8.5 per cent on speculation that M&M may make a bid to acquire the company.

Gabriel India, Navneet Publications, HBL Power, XPro India, i-Gate Global, Voltas and BL Kashyap are the other major gainers among mid-caps and small caps.

Advanta India, ANG Auto, SB&T International, Adhunik Metalliks and Balaji Tele are the major losers among mid-caps and small-caps.

Thomas White Global Research, part of the Thomas White International Group, publishes capital market research for global institutions and investment banks, and is headed by Thomas White, a former managing director of Morgan Stanley Asset Management.

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