RTTNews - The Indian market has cut some of its early loss after making a gap-down opening this morning. Negative global cues and concerns about a weak coalition forming the government at the Centre are keeping investor sentiment subdued. The counting of votes will take place on Saturday. Traders await the release of the inflation report due later in the day.
After opening sharply lower at 11,774, the BSE Sensex has cut some of its early loss. The index is now trading at 11,823, down 197 points or 1.64% and the S&P CNX Nifty is trading at 3,585, down 1.39% from the previous close.
On the BSE, the small-cap and the mid-cap indexes are down around 0.5% each, outperforming the benchmarks. The market breadth is negative, with 1102 decliners compared to 504 advancers.
Among the major losers, Bharti Airtel is losing 3.58%, ICICI Bank is declining 3.39%, Tata Motors is down 3.17%, Tata Steel is falling 3.17% and Sterlite Industries is moving down 2.47%. Wipro, Jaiprakash Associates, Hindalco, Reliance Infrastructure, Reliance Industries and Infosys are the other prominent decliners.
On the other hand, DLF is rising nearly 1%, ACC is gaining 0.82%, NTPC is adding 0.58%, TCS is edging up 0.06% and Tata Power is up 0.02%. While stocks across the sectors are trading in the red, banking, metal and capital goods stocks are coming under significant selling pressure.
Lupin is losing 5.8% despite reporting a 64% rise in its consolidated net profit for the March quarter. UltraTech Cement is down 0.53% on reports that it intends to go ahead with its expansion plans despite overcapacity expected in the domestic market in the next few quarters.
Wipro is moving down 2.20% even as reports suggested that it has secured $34 million four-year contract from Sunoco Inc. Britannia Industries is trading unchanged amid reports that it has taken full control of Bangalore-based bakery foods retailer Daily Bread.
Hinduja Global Solutions is surging up 18.44% after its consolidated net profit for the fourth quarter ended March grew nearly 50% compared to the corresponding period a year ago.
Maharashtra Seamless is down 0.10% on reports that it has scrapped plans to set up two separate steel plants by almost two years. Cipla is up 0.63% after the World Health Organization included the company's 75-milligram oseltamivir capsules into the list of pre-qualified medicinal products.
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