RTTNews - The Indian market is moving choppily in negative territory on Thursday, weighed down by weak Asian cues and caution on account of futures contract expiration. Concerns surrounding China and sagging international markets amid fears that valuations could have run ahead of fundamentals are keeping investor sentiment subdued. Investors also await the inflation report due around noon today.
The BSE Sensex has been moving in a very narrow range of 15,196-15,065 and is now trading at .15,114, down 60 points or 0.39% from its previous close. The S&P CNX Nifty is trading at 4,495, down 0.41%.
On the BSE, the mid-cap and the broad-based BSE 500 indexes are down around 0.26% each, but the small-cap index is showing a modest 0.15% gain. The market breadth is slightly negative, with 1006 decliners compared to 880 gainers.
Among the top decliners, Tata Steel is down 3.89%, Hindalco is declining 2.54%, Larsen & Tubro is losing 1.59%, Reliance Infrastructure is moving down 1.49% and ITC is down 1.37%.
Sun Pharma, DLF, Tata Power, Sterlite, BHEL, Reliance Communication, Tata Motors, ONGC, Jaiprakash Associates and ICICI Bank are the other prominent losers.
On the other hand, Hindustan Unilever is rising 1.66%, Mahindra & Mahindra is up 1.22%, SBI is gaining 0.88%, HDFC is up 0.75%, Infosys is adding 0.59%, Wipro is up 0.49% and Hero Honda Motors is adding a modest 0.11%.
Sector-wise, metal, realty, capital goods, and consumer durable stocks are leading the market lower, while IT and auto stocks are showing modest gains.
IL&FS Infrastructure Development Corporation (IIDC), SAIL's partner for developing a special economic zone at Salem in Tamil Nadu, has decided to walk out of the proposed joint venture, reports suggest. SAIL is trading down 2.12%.
Cairn India is losing over 3% after reporting a 67% drop in its June-quarter consolidated net profit. Separately, the company said that it is ready to commence oil production from its prolific Rajasthan block in August.
Reliance Natural Resources is up 1.01% on the back of a modest 7% year-over-year rise in its quarterly net profit. NMDC is down nearly 3% after its June-quarter net profit dropped 21% year-over-year. United Spirits is rising 1.48% on the back of a 51% rise in its quarterly net profit.
Godrej Industries is tumbling 3.55%, after its consolidated net profit for the first quarter ended June fell sharply to Rs 16.36 crore from Rs 52.82 crore in the year-ago period. Provogue India is up nearly 4% after it proposed to buy back its own shares.
Power Grid Corporation of India is adding 1.84% after it beat market expectations with a 79% rise in its quarterly net profit. Bharti Airtel is down 0.61% amid reports that it could reach a merger agreement with South Africa's MTN Group by September.
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