RTTNews - Monday, the Indian market is showing volatility on alternate bouts of buying and selling ahead of June series derivatives contracts expiry on Thursday. While favorable Asian cues helped the market open higher, extended profit taking and recent selling by foreign funds are weighing on market movement.

The BSE Sensex opened higher at 14,591 and rose to a high of 14,662 before slipping to 14,509 in early trading. Since then, the index has seen some recovery and is now trading at 14,602, up 80 points or 0.55% from its previous close. The S&P CNX Nifty is trading at 4,323, up 9 points.

Sector-wise, banking, capital goods and realty stocks are leading the gainers, but oil/gas, healthcare and public sector stocks are trading in negative terrain. The market breadth on the BSE is slightly positive with 1067 advancers compared to 730 stocks that are declining. The BSE small-cap and the mid-cap indexes are trading up over 0.8% each.

Among the major gainers, Reliance Communication is rising 2.56%, Jaiprakash Associates is adding 2.07%, DLF is gaining 1.95%, ICICI Bank is advancing 1.93% and ACC is up 1.70%. BHEL, Larsen & Toubro, HDFC, ITC, SBI, TCS, Infosys and Wipro are the other prominent gainers.

On the other hand, ONGC is losing 3.47%, NTPC is declining 2.40%, Hindalco is down 1.70% and Mahindra & Mahindra is down 1.67%. Reliance Industries, Sun Pharma, Reliance Infrastructure, HDFC Bank, Tata Power, Tata Steel, Sterlite, Grasim, Bharti Airtel and Hindustal Unilever are also trading in the red.

Sun Pharma is down 1.11% after U.S. pharma giant Pfizer alleged that Sun infringed on a patent that Pfizer and Northwestern University held. Kingfisher is up 0.77% despite reports that state-run Airports Authority of India (AAI) has disallowed credit to the airline and put it on cash-and-carry mode from June 30 due to mounting dues with AAI.

RNRL is losing 1.35% after it filed a caveat before the Supreme Court to preclude the chances of an ex- parte order being passed against it on the gas-sharing deal it had signed with Mukesh Ambani's Reliance Industries.

Emami is rising nearly 10%, while Zandu Pharmaceutical Works is tumbling more than 4% after they have approved de-merging Emami's realty unit into a a separate firm called Emami Infrastructure and merging Zandu's consumer goods (FMCG) business into Emami.

State Bank of India is up 0.91% after its board approved a proposal for the acquisition of State Bank of Indore. Shipping Corporation of India is up a modest 0.13% following reports that it has scrapped its plan to purchase four very large crude carriers worth $320 million.

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