Sensex slips into red; Realty, auto stocks fall

The markets have reversed direction and have slipped into the red. The Sensex fell 111 points to 19,479 and the Nifty declined 37 points to 5,848.

The markets have been consolidating over the past 3-4 sessions after the sharp up move that saw the benchmark indices gaining 10 per cent over 10 days. Analysts say there is little headroom for the markets on the upside from these levels.

Ambareesh Baliga of Way2Wealth said, "The markets are towards the end of the rally seen in the last 2-3 weeks. There are no data points for the markets to shoot above these levels."

Somil Mehta of Sharekhan said, "Investors need to be cautious because the markets have entered a euphoric stage because small caps and mid-caps are moving too fast. The Nifty is likely to head towards 5,700 levels."

All sectoral indices slipped into the red. Realty stocks saw sharp cut with the BSE Realty index slipping 1.6 per cent. Indiabulls Real Estate declined 4 per cent. HDIL fell 3.5 per cent. DLF was trading 1.4 per cent lower.

Auto stocks declined 1.2 per cent. TVS Motors fell 2.7 per cent. Tata Motors declined 2.2 per cent. Bajaj Auto, Hero Honda, M&M and Maruti were trading 1-2 per cent lower.

On the Sensex, only 5 stocks were trading higher. Bharti took the lead, rising 1.8 per cent. ITC, HUL, Sterlite and HDFC Bank were in the green. Jaiprakash Associates and Wipro fell 2-2.5 per cent.


Shilpi Cable Tech had a strong listing today but the stock has come under selling pressure and was trading 1 per cent lower.

Asian markets rose overlooking another strong quake in Japan. The Nikkei 225 in Japan was trading 2 per cent higher. The Hang Seng and South Korea's Kospi gained more than 0.5 per cent.

Overnight, the Dow closed with minor losses, down 17 points to 12,409.

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