RTTNews - Thursday, the Indian market is showing weakness after opening flat this morning. Trading remains choppy on alternate bouts of profit taking and short covering. Traders await a report on annual inflation.
The BSE Sensex opened lower at 14,503 and fell further to a low of 14,335 in early trading, Since then, the index has shown some recovery and is now trading at 14,480, down 43 points or 0.30% from its previous close. Meanwhile, the S&P CNX Nifty is trading at 4,335, down 0.48%.
On the BSE, the small-cap and the mid-cap indexes are down over 1% each. The market breadth is extremely negative, with 1375 decliners compared to 461 stocks that are advancing.
Sector-wise, consumer durable, metal, power, public sector, capital goods and realty stocks are leading the decliners, with over 1% losses. IT stocks are trading firm and healthcare and FMCG stocks are showing modest losses.
Among the major decliners, ACC and Tata Steel are losing over 4% each, Grasim is declining 3.26% and Jaiprakash Associates, BHEL and Maruti Suzuki are down around 2% each. HDFC Bank, NTPC, Reliance Industries, Reliance Communication, ICICI Bank and Hindalco are the other prominent losers.
On the other hand, Tata Motors is up 2.08%, SBI is advancing 1.48%, Infosys is up 1.14%, TCS is gaining 0.83%, ONGC is adding 0.74%, Wipro is up 0.59%, Sun Pharma is rising 0.26%, Sterlite is adding 0.10% and Hindustan Unilever is trading almost unchanged.
VST Tillers is jumping over 6% after the company proposed to issue bonus shares to its shareholders. Idea Cellular is down over 2% after it deferred the holding of a shareholder meeting scheduled to be held on July 13 & 14 by 6 weeks.
HDFC is down 0.95% and HDFC Bank is losing 2.31% amid reports that they will slash interest rates on term deposits by 25 basis points. Indiaco Ventures is up 5% after it fixed June 26 as the record date for a 1:1 bonus issue and stock- split.
Reliance Industries is trading in the red for the 4th straight session following an unfavorable court ruling on a gas sale dispute with RNRL. Havells India is adding 1.31% on reports that it targets Rs 500 crore from switchgear exports in the next three years from its Baddi plant in Himachal Pradesh.
BHEL is down 2.15% on reports that it will partner private construction firms such as Patel Engineering to build overseas hydro-power projects. Patel Engineering is also down around 2%.
Man Industries is tumbling 4% following reports that it is not proceeding with its 300,000 million tonne HSAW pipe manufacturing project in the U.S. due to poor market conditions and slackened interest in the upstream oil & gas sector.
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