MUMBAI: Indian markets opened in the positive terrain but soon lost ground as traders resorted to profit booking near psychological resistance levels.

“Dow gained nearly half a percent to close at 10974, buoyed by the positive economic data. March ISM non-manufacturing index came in at 55.4, the expectation being 54 while pending home sales index for February climbed 8.2%. Crude touched $86.65/bbl, the highest level since Oct 2008.

With yesterday’s move, Nifty has now decisively closed above the January High of 5310.85 and recent high of 5329.55 made on 29th March. The RSI on daily chart too made a higher top, giving credence to the move. Next possible target is around 5470 where the trend line adjoining tops of October 2009 and January 2010 presents a resistance. On the downside 5235, the bottom of last week, is the key support,” said Anagram Stock Broking note.

At 9:10 am, Bombay Stock Exchange’s Sensex was at 17927.38, down 8.30 points or 0.05 per cent. The index touched a high of 17988.89 and low of 17911.07.

National Stock Exchange’s Nifty was at 5360.50, down 7.9 points or 0.15 per cent. The broader index touched a low of 5354.85 and high of 5388.65.

BSE Midcap Index was up 0.31 per cent and BSE Smallcap Index moved 0.27 per cent up.

Amongst the sectoral indices, BSE Realty Index was up 0.71 per cent and BSE Power Index advanced 0.54 per cent. BSE IT Index was down 0.50 per cent and BSE Metal Index slipped 0.32 per cent.

Tata Power (1.30%), Hindustan Unilever (1.20%), Reliance Communications (1.19%), ICICI Bank (0.98%) and BHEL (0.83%) were amongst the top Sensex gainers.

Wipro (-1.02%), Bharti Airtel (-0.97%), Jaiprakash Associates (-0.78%), Hindalco Industries (-0.70%) and ACC (-0.67%) led the decline.

Market breadth was positive on the BSE with 1138 advances and 802 declines.


The Dow Jones Industrial Average gained 24.56 points, or 0.22 per cent, to 10,951.63. The Standard & Poor's 500 Index added 3.36 points, or 0.29 per cent, to 1,181.46. The Nasdaq Composite Index rose 8.25 points, or 0.34 per cent, to 2,410.83.

Asian markets were trading on a mixed note with the Topix edging down 0.3 per cent and Nikkei slipping 0.32 per cent. Taiex moved up 0.75 per cent, Kospi shed 0.11 per cent and Straits Times edged up 0.22 per cent.