RTTNews - Tuesday, the Indian market has cut most of its early loss after making a gap-down opening this morning amid weak global cues. Auto, metal and oil/gas stocks are leading the decliners, while power, healthcare and capital good stocks are showing notable gains. Select stocks in the banking sector are also trading in positive terrain after banks reported encouraging first-quarter advance tax payments for the June quarter.
The BSE Sensex has recovered substantially after opening lower at 14,788. The index is now trading at the day's high of 14,800, down 75 points or 0.51% from its previous close, while the S&P CNX Nifty is trading at 4,462, down 0.49%. The market breadth on the BSE is negative, with 1202 advancers compared to 685 stocks that are declining. The BSE small-cap index is down 0.31%, but the mid-cap index is rising 0.53%.
Among the major decliners. Tata Steel is losing 3.35%, ICICI Bank is declining 2.25%, Bharti Airtel is down 1.77% and Tata Motors is down 1.75%. Grasim Industries, HDFC, Wipro, DLF, Maruti Suzuki, Hindalco and Infosys are the other prominent losers.
On the other hand, Reliance Infrastructure, State Bank of India, Ranbaxy, ITC, Jaiprakash Associates, NTPC, BHEL, Larsen & Toubro, Reliance Communication, Tata Power and Mahindra & Mahindra are trading in positive terrain.
Sterlite Industries is slumping 6.10% after it announced plans to raise funds equivalent to as much as 25 percent of the company's paid up capital. According to reports, the company plans to raise around $2-2.5 billion long-term funds.
Reliance Industries(RIL) is trading down a modest 1.3% after tumbling 7.5% in the previous session. The company is expected to move the Supreme Court after the Bombay High Court ruled on Monday that RIL should sell gas at half the government-approved price to RNRL, an Anil-Ambani controlled firm.
State-run oil-marketing companies HPCL, BPCL and IOC are trading higher around 1% each after crude oil prices fell for a third day in Asian trading on Tuesday.
Unitech is losing 1.32% on reports that it will raise at least $250 million through a qualified institutional share placement or an overseas listing. TCS is trading at Rs.383.85, down 51% after it went ex-bonus following a 1:1 bonus issue.
Jubilant Organosys is jumping more than 10% on reports that it will sell a part of its Rs 1,200-crore industrial and performance products (IPP) division to a strategic player.
Shipping Corporation of India is gaining 2.04% despite reporting a 19% drop in its net profit for the three months ended March. Power Finance Corporation is down 0.95% even as it reported a consolidated net profit of Rs.1,979.69 crore for the FY09 compared to Rs. 1,206.75 crore profit in the previous year.
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