The Indian market is showing a subdued movement on alternate bouts of buying and selling. While there is some stock-specific buying, traders are taking profits on every rise ahead of the weekend amid mixed global cues. Asian markets have pared most of their early losses and are now trading firm.

After opening higher by 63 points, the BSE Sensex has pared all its gains and is showing a sideways movement. The Sensex is now trading at 12,106, down 11 points or 0.09%, while the S&P CNX Nifty is trading at 3,690, up 0.16%.

Second-line stocks are outperforming the benchmarks. On the BSE, the broad-based BSE 500 index is up 0.20%, the mid-cap index is rising 0.84% and the small-cap index is gaining around 1.20%. The market breadth is extremely positive, with 1086 advancers compared to 578 stocks that are declining.

Sector wise, consumer durable, the public sector and health care stocks are showing notable gains, but banking and metal stocks are trading in the red.

Among the major gainers, Jaiprakash Associates is rising nearly 4%, ONGC is up 1.84%, Tata Steel is gaining 1.70%, ACC is adding 1.33% and DLF is up 1.31%. Sun Pharma, Hindustan Lever, Ranbaxy, Grasim, NTPC, TCS and Tata Power are the other prominent gainers.

However, HDFC Bank is losing 4.23%, Sterlite Industries is declining 3.60%, Wipro is down 2.25%, Hindalco is down 2.14% and HDFC is moving down 0.96%. Tata Motors, State Bank of India, ICICI Bank, Maruti Suzuki, Reliance Infrastructure and BHEL are also trading in the red.

Nestle India is up 0.17% despite saying that workers at its Pantnagar facility are on strike. Sun Pharma is rising 1.62% after it received a tentative approval from the U.S. Food and Drug Administration to sell alfuzosin hydrochloride tablets.

Bharati Shipyard is climbing 17% after it acquired a 14.89% equity stake in integrated oil-field service provider Great Offshore. Great Offshore is also trading up more than 5%.

Tata Steel is up 0.73% following reports about improved steel demand in the year to March 2010.

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