Markets consolidate at lower levels

Markets continued to consolidate at lower levels an hour after opening. The Sensex is down 73 points at 15,953. Nifty is down 23 points at 4,837.
Broader markets have delcined in line with the benchmark index. The BSE mid-cap index has slipped 0.4% to 5,832. Small-cap index is trading at 6,263 - down 0.2%.
All the sectoral indices have also dropped into the negative zone. The decline is being led by consumer durables and power sectors.
From the mid-cap space, REI Agro has slipped 4.2%, followed by Manappuram Finance, Sobha Developers and Indiabulls Real Estate. On the other hand, Wockhardt has gained 5% in morning trades, followed by Wabco India and HT Media.

Domestic cues in terms of the depreciating rupee and mixed global markets have taken the markets lower in opening trades. The Sensex is down 73 points at 15,942. Nifty is down 25 points at 4,835.
In a bid to ease the tightening liquidity situation the RBI will conduct open market operations by buying back government bonds aggregating Rs 12,000 crore on Friday. So far in FY13, this is the fourth consecutive OMO (purchase), announced by RBI.
US stocks closed mostly flat on Tuesday after a volatile session. Asian shares retreated on Wednesday ahead of a meeting of European leaders. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.7%. Japan's Nikkei stock average opened down 0.2%.

Meanwhile, the rupee fell to a new record low in early trade on Wednesday, approaching the key psychological level of 56, as another bout of risk aversion swept global markets because of euro zone worries.
BSE auto index has shed 1% to 9,125. bankex, consumer durables, FMCG and metal shares are also showing some weakness and are down marginally in opening trades.
Tata Power has slipped 3.2% to Rs 87.50. Sun Pharma, Maruti Suzuki and Bajaj Auto gave shed over 1% each. DLF, Sterlite and Jindal Steel are down in trades. Meanwhile, Gail India has surged 3.5% to Rs 325. BHEL and Mahindra & Mahindra have advanced 1% each.
Among individual stocks, NMDC has advanced 1% at Rs 168 on reports that its Australian arm, Legacy Iron, is set to acquire six coal tenements in Queensland.
Suven Life Sciences has secured four product patents for the treatment of disorders associated with neuro-degenerative diseases. Shares of Suven is up 2% at Rs 15.30.
Gokaldas Exports has reported a net loss of Rs 51.39 crore for the March 2012 quarter, nearly double as compared to corresponding quarter last year. However, shares of Gokaldas is down 1.6% at Rs 69.
The BSE market breadth is marginally negative. Out of 1,341 shares traded, 706 shares have declined while 572 shares have advanced.