Sensex slips 108 pts; below 14000

Frontline Indian indexes have slipped further in early afternoon trading. Other Asian markets remain firm while Europe is mostly positive in opening trading.

Sensex is trading lower by 108 points at 13970 at 01.10 PM IST.

Nifty is now trading lower by 25 points at 4126.

Reliance Industries has slipped further and is the worst performing Nifty stock with losses of over 2.5 per cent. IPCL is now down more than 2 per cent. Reliance is under pressure following a court ruling which restricts sale of gas from KG basin.

Among tech stocks, Satyam has lost more than 2 per cent while HCL Tech is down over 1.5 per cent. Wipro is trading nearly 1.5 per cent lower.

Tata Power has now lost over 2 per cent.

Hero Honda, HDFC, L&T and Suzlon are the other major Nifty losers.

ONGC has added over a per cent and is providing good support to the indexes. Gail India is the best performer among index stocks with gains of over 2.5 per cent. HPCL is holding on to gains of nearly 1.5 per cent.

SBI is holding on to gains of over 1.5 per cent.

HLL is trading more than 1.5 per cent higher while Colgate has surged more than 10 per cent.

Among metals, Hindalco has added over a per cent and Sterlite is trading nearly a per cent higher.

Cipla, MTNL and ACC are the other major Nifty gainers.

Mid-caps and small caps have also shed all their early gains. The NSE mid-cap index is now trading with very marginal gains. BSE mid-cap index has lost nearly 0.2 per cent and the BSE small-cap index is trading 0.25 per cent lower.

IndiaBulls Financial is holding on to gains of nearly 9.5 per cent.

Cinevistas remains locked in 20 per cent upper circuit while FCS Soft has now hit the 20 per cent upper circuit.

Network 18, which saw a sharp rally yesterday, has added another 11 per cent.

Mudra Lifestyle, Subros, Hitachi Home, Cinemax and Jindal Poly are the other major gainers among mid-caps and small caps.

IFCI has corrected nearly 3.5 per cent after the recent rally.

UFlex remains locked in the 10 per cent down circuit today as well.

K Sera Sera, Uniphos, Teledata, Today's Writing, Orient Ceramics, Visa Steel, Heritage Foods and DCB are the other 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.

*Disclaimer: Thomas White International may have recommended some of the stocks specifically mentioned in this report to our clients. Lord Asset Management Trust, our mutual fund management associate, and our asset management division may also have positions in some of the stocks specifically mentioned in this report. As a policy, employees of Thomas White International are not allowed to invest or trade in common stocks and common stock derivatives. This report is only for the purpose of information and is not an investment advice. Readers are advised to consult a certified financial advisor before taking any investment decisions. While efforts have been made to ensure the accuracy of the information provided in the content, the author or publisher shall not be held responsible for any loss caused to any person whatsoever.