Markets stabilize at noon; Sensex hovers over 49500

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At 12:00 p.m. BSE Sensex was trading down 0.11% and NSE Nifty was down six points

The benchmarks BSE Sensex and NSE Nifty fell into negative territory at midday, after hitting new highs earlier in the day due to emerging weakness in information technology stocks ahead of quarterly numbers Infosys scheduled for later today. As of 12:00 p.m., the BSE Sensex was at 49,477.50, down 40 points or 0.11% and the NSE Nifty was at 14,561.50, down six points. The larger markets were down slightly, with the mid-cap BSE index losing 0.3% to 19,132.79 and the BSE small-cap index losing 0.2% to 18,874.40.

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Continuing the momentum seen over the past 12 trading sessions, the Sensex opened the day at 497,653.93 and hit an intra-day high of 49,697.18, just about 300 points below the 50,000 mark. However, markets were unable to hold on to the gains as weakness in information technology stocks offset gains in the autos and energy sectors.

Meanwhile, the rupee had opened 8 peas high at 73.17 per dollar against the 73.25 close on Tuesday, amid a buying backdrop seen in the equity market.

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Infosys, Wipro and CESC will be among the big companies to announce their figures during the day.

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M&M, IOC and Bharti Airtel were the main winners among Sensex shares, adding 3.8 to 4.3% each. BPCL, NTPC, and ONGC were the other significant BSE winners. HDFC, UPL and TCS were among the laggards.

Among earnings contenders for the day, Infosys edged up 0.2% to Rs 1,375.80 and Wipro strengthened 0.4% to Rs 459.10 on BSE ahead of their December quarter figures .

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The scale of the BSE market has weakened. Out of 3003 shares traded on the BSE, 1212 shares rose against 1651 declines.

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