The BSE Sensex erased previous day's gains in early trade on Wednesday following weakness in global markets amid sluggish economic growth and concerns over Eurozone.
The 30-share BSE benchmark went down 88 points to 18,705.35 and the 50-share NSE Nifty slipped 28.55 points to 5,676.05. The Indian rupee too declined by 16 paise to 52.88 against the US dollar.
Suresh Mahadevan of UBS expects the Nifty to trade in a range of 5,400-6,250 in the next 3-6 months. "A breakout beyond this range would need sentiment to translate into real fundamental improvement," he says.

Jaiprakash Associates plunged 3 percent as the UK's CRH Plc has terminated talks to buy Jaypee Cement's (a part of JP Associates) Gujarat operations on valuations differences.

Realty major DLF too was down 3 percent after Arvind Kejriwal demand special investigation team (SIT) probe on business relationship between Robert Vadra and the company.

BHEL shed another 1.6 percent on profit booking. Reliance Infrastructure, L&T, SBI, ICICI Bank, Kotak Mahindra Bank, Reliance Industries, Maruti and Bharti Airtel were other losers in early trade.

Infosys went down 0.86 percent ahead of second quarter results that scheduled to be announced on Friday.

Ranbaxy Labs, Cipla and Sun Pharma continued to outperform, rising 0.5 percent each. HCL Tech gained 1 percent.

The CNX Midcap Index rose 32 points to 7,903. About two shares declined for every share advancing on the National Stock Exchange.

In the second line shares, Polaris tanked 5% after the market regulator SEBI has barred its CMD Arun Jain from capital markets for two years on insider trading charges.

Indiabulls Real slipped 3.5 percent and GMR Infrastructure was down 2 percent after Arun Kejriwal named these companies in corruption.

IndusInd Bank declined 1 percent ahead of its September quarter results today.

HDIL and Adani Enterprises were down nearly 3 percent. Pantaloon Retail and Unitech fell 1.4 percent.

Emkay Global bounced back sharply with 5 percent gains. The National Stock Exchange said Emkay Global has met all financial obligations w.r.t freak trade. Therefore, Emkay terminal has been enabled today, the NSE said.

Peninsula Land rallied 6 percent as the company is in pact to develop 190-acre property in Central Mumbai (Sewree).


Dk Seth pgdm