Tuesday, the Indian market is showing volatility on alternate bouts of buying and selling. After opening in negative terrain, the market bounced back from the day's lows, but the recovery proved short lived. Traders await the release of the IIP March report. The benchmark BSE Sensex is now trading at 11,697, up 14 points or a modest 0.12% and the S&P CNX Nifty is trading at 3,556, up a mere 0.05%.
Among the major gainers, Infosys is rising 2.15%, ITC is up 2.05%, Wipro is gaining 1.92% and Jaiprakash Associates is adding 1.73%. Mahindra & Mahindra, HDFC Bank, Reliance Communication, TCS, ICICI bank, ONGC and Reliance Infrastructure are the other prominent gainers.
On the other hand, Larsen & Toubro is losing 2.28%, DLF is down 1.38%, Grasim is moving down 0.79% and ACC is edging down 0.67%. Ranbaxy, Tata Motors, Maruti Suzuki, Tata Steel, BHEL, Hindustan Unilever, HDFC and Hindalco are also trading in the red.
Sector-wise, IT stocks are witnessing broad-based gains, but metal, capital goods and auto stocks are coming under significant selling pressure. On the BSE, the market breadth is negative, with 839 decliners compared to 694 stocks that are advancing. The small-cap index is losing around 0.8% and the mid-cap index is down nearly 1%.
Maruti Suzuki is trading down 0.33% despite reporting a 8% rise in its domestic sales in April. Tata Motors is losing 3.21% after its sales showed a marginal 2% improvement in April. Tata Teleservices (Maharashtra) is down 1.06% after its net loss for the fourth quarter ended March widened to Rs.159.60 crore from Rs.125.73 crore in the same quarter last year.
Steel stocks such as Ispat Industries, JSW Steel, Tata Steel and SAIL are losing more than 3% each after the government deferred a decision on a proposal to impose provisional safeguard duty on hot rolled coils/sheets/strips.
United Spirits is rising nearly 2% on speculation that Kohlberg Kravis Roberts (KKR) has joined the race to acquire a minority stake in the company. Bank of India is down 0.53% even as it signed a pact with Tata Motors to jointly promote financing of commercial vehicles by the latter.
Maytas Infra is losing more than 3% on reports that its Hyderabad metro rail project will achieve financial closure in about three months. Sundaram Brake Linings is declining 3.15% after the company proposed to raise Rs.14.89 crore through a rights issue by issuing 9 new shares for every 20 held by the existing shareholders.
Spanco is jumping 17% after it has reportedly emerged as the lowest bidder for BSNL's Rs. 7,500 crore telecom infrastructure implementation and maintenance contract for the telecom firm's west zone. Motilal Oswal Financial Services is up 4.14% after its net profit rose 23% for the March quarter.
Suzlon Energy is down 1.40% after it exchanged and bought back some convertible bonds, cutting its nominal amount of bonds outstanding to $389.1 million from $500 million.
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