Indian Market Choppy In Early Trading

By IBTimes Staff Reporter | July 07 2009 1:27 AM

RTTNews - Tuesday, the Indian market is trading choppy after opening on a firm note this morning. While short covering helped the market rise in early trading after a sharp 6% loss in the previous session, intermittent profit taking and mixed global cues are weighing on the market.

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The BSE Sensex opened higher at 14,104 and rose to a high of 14,252 before slipping into the red. However, the index has bounced back from the day's lows and is now trading at 14,104, up 60 points or 0.43%, while the S&P CNX Nifty is trading at 4,182, up 0.39%.

The small-cap and the mid-cap indexes on the BSE are trading in the red and the market breadth is extremely negative with 1144 decliners compared to 531 gainers.

Among the major gainers, Maruti Suzuki is rising 5.31%, ITC is up over 4% and Mahindra & Mahindra and Larsen & Toubro are up over 2% each. ICICI Bank, Jaiprakash Associates, Hero Honda, TCS, Hindustan Unilever and Grasim are the other prominent gainers with over 1% gains.

On the other hand, Sterlite Industries is tumbling nearly 5%, Reliance Industries, Reliance Communication and Tata Motors are down over 2% each, ONGC is declining 1.92% and Tata Steel is losing 1.79%. State Bank of India, DLF, Reliance Infrastructure, Tata Power, HDFC Bank, Hindalco, NTPC and HDFC are also trading in the red.

Bharti Airtel is up a modest 0.96% after South Africa's MTN Group said that it is still in talks with the Indian company for a potential merger deal. ITC is jumping 4.52% after the government left taxes on cigarettes unchanged in its FY10 Union budget.

Hindustan Motors is down 1.32% after it reportedly announced price cuts for some of its sports utility vehicles by Rs.6,000 per unit. Maytas Infrastructure is rising over 3% on reports that the Karnataka government reverted its decision and awarded two greenfield airport construction projects to the company.

Bhuwalka Steel Industries is adding nearly 6% after it received an order worth Rs 40 crore from various clients for supply of mild steel long products. Roman Tarmat is gaining 5.6% after it bagged a Rs 24.58 crore order for widening and strengthening the Taramani link road.

Aegis Logistics is advancing around 5% after the company proposed to consider buy back of its own shares. Poddar Pigments is locked at the 10% upper circuit limit after its board approved a resolution to buy back its shares at a price not exceeding Rs.42 per share.

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