RTTNews - Wednesday, the Indian market is trading in a very narrow range after opening modestly higher in the morning. However, second-line stocks are trading firm. Banking, metal and oil/gas stocks are coming under significant selling pressure, but capital goods, healthcare, realty and power stocks are trading firm.
The BSE Sensex is now trading near its day's lows at 14,282, down 42 points or 0.30% and the S&P CNX Nifty is trading at 4,242, down 0.13%. The BSE mid-cap index is up 0.62% and the small-cap index is moving up 0.81%. The market breadth on the BSE is slightly positive, with 1084 advancers compared to 705 stocks that are declining.
Among individual stocks, ICICI Bank, Sterlite, Maruti Suzuki, TCS, NTPC, Wipro, Infosys, ITC, Reliance Industries and HDFC Bank are the prominent decliners.
On the other hand, Tata Motors, Reliance Communication, Sun Pharma, Grasim, Larsen & Toubro, Tata Power, Hindalco, ONGC, ACC, Reliance Infrastructure, Ranbaxy, Bharti Airtel and Jaiprakash Associates are trading in positive terrain.
Tata Motors is rising 1.84% after it selected the first 100,000 owners of the Tata Nano from among the 206,703 final list of applicants who had booked the car, deliveries of which are expected to be completed by the last quarter of 2010.
State Bank of India is down 0.37% on reports that it is looking at acquiring a mid-sized overseas bank in a deal worth $1.5-$2 billion to expand its international footprint. India Cements is down 1.19% after the company proposed to raise funds through the issue of equity-linked and other securities in Indian and foreign markets.
Wockhardt is rallying 4.50% on reports that it is pursuing a complex corporate debt- restructuring program to postpone its debt liabilities on local borrowings by a decade. Maytas Infrastructure is trading at the 5% lower circuit limit, as it enters the final stages of negotiations with 17 lenders for a corporate debt- restructuring.
Jet Airways is losing nearly 2% on reports that it has been issued a show-cause notice relating to a potential service tax liability of at least Rs.400 crore. Ashok Leyland is adding 3.25% on reports that it has put off plans to set up a new LCV manufacturing unit near Chennai due to demand contraction.
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