Markets erase morning gains

Markets have turned volatile and slipped to the day's low. The Sensex is flat at 15,943. Nifty is unchanged at 4,832.
"Trend is down on charts; whereas near term index is expected for a technical bounce; therefore one could buy Nifty at dips with a strict stoploss of 4780 target / resistance expected would be 4890 / 4950 / 4980," said Ravi Nathani, Technical analyst, Nsetoday.com.
Asian markets are in the red. Nikkei is down 0.6% at 8,499. Hang Seng has dropped 0.5% at 18,682. Shanghai Comsposite is down 0.3% at 2,356.
BSE oil & gas index 1% at 7,523. Bankex and PSU indices are up marginally. However, BSE realty index has slipped 1% at 1,537. Auto, consumer durables, IT and power sectors are also showing some weakness.
ONGC has added 3% to Rs 251. HDFC is the top contributor on the Sensex's upmove. The stock is up 2.6% at Rs 652. Gail, Bharti Airtel, HDFC Bank are also in green.
Meanwhile, Maruti Suzuki is down 2.3% at Rs 1,124. Tata Power, Sun Pharma, Bajaj Auto and TCS are down 1-2% each.
BSE market breadth is neutral. Out of 1,831 stocks traded, 880 shares have advanced hwile 861 shares have declined.