Friday, the Indian market is moving sideways after opening modestly higher in the morning. While there is some stock-specific buying, a mixed trend in the other Asian markets is keeping investors wary ahead of the weekend.

The BSE Sensex opened at 11,149 and has been moving choppily in a range of 11,217-11,070. The Sensex is now trading at 11,122, down 13 points or 0.12% and the S&P CNX Nifty is trading at 3,417, down 0.18%.

The broad-based BSE index is up 0.18%, the mid-cap index is advancing 0.63% and the small-cap index is rising nearly 1%. Meanwhile, the market breadth on the BSE is fairly positive, with 1036 gainers compared to 683 decliners. Sector-wise, while IT, oil/gas and realty stocks are coming under significant selling pressure, select consumer durable, auto and capital goods stocks are trading firm.

Among the major decliners, Wipro is losing 2.86%, Infosys is declining 2.06%, Tata Motors is down 1.92%, Sterlite Industries is moving down 1.73% and DLF is down 1.68%. Reliance Industries, Tata Steel, Hindalco Industries, Maruti Suzuki, Ranbaxy and Reliance Infrastructure are the other major losers.

However, Jaiprakash Associates is rising 3.75%, Mahindra & Mahindra is gaining 3.44%, ACC is adding 2.32% and Bharti Airtel is up 2.13%. Reliance Communication, Tata Power, ICICI Bank, Grasim Industries, HDFC, Sun Pharma, Larsen & Toubro and State Bank of India are also trading in the green.

Idea Cellular is rising 3.03% despite reporting a marginal 0.87 percent dip in its consolidated net profit to Rs.274.3 crore for the fourth quarter ended March year-over-year. LIC Housing Finance is up 0.91% after its net profit grew 33.14% for the March quarter year-over-year.

Unitech is up 0.11% on reports that it has rolled over 80% of Rs.500-crore debt that it owed to mutual funds. Jet Airways is gaining 1.36% on reports that it will slash salaries of its employees across the board by 10-20%

Reliance Power is adding 1.13% after it has posted a consolidated net profit of Rs.244.51 crore for the year ended March from Rs.85.38 crore in the previous year.

Spanco is locked in the 10% upper circuit limit after its board considered and approved raising of funds up to Rs.35 crore through share placement with promoters and foreign institutional investors.

For comments and feedback: contact editorial@rttnews.com