Indian Market Cuts Early Loss, Second-line Stocks Surge

However, the benchmark indexes cut their early losses ahead of the release of June-quarter GDP report due around 11.00 am today.

After a gap-down opening at 15,812, the BSE Sensex fell to a low of 15,696 in early trading before coming off from the day's lows. The Sensex is now trading at 15,788, down 134 points or 0.84% and the S&P CNX Nifty is trading at 4,693, down 0.83%.

On the BSE, the mid-cap index is up 0.31% and the small-cap index is rising 0.66%, outperforming large-caps. The market breadth is also fairly positive, with 1211 gainers versus 828 losers.

Sector-wise, while IT, metal and capital goods stocks are dragging the market lower, realty stocks are in favor with about 1.4% gains.

Among the major decliners, Sterlite Industries, TCS, Infosys, Wipro and Hindalco are down around 2% each. Larsen & Toubro, ITC, Reliance Infrastructure, Maruti Suzuki, BHEL, ICICI Bank and Sun Pharma are also trading deep in the red.

However, DLF and Hero Honda Motors are up around 1.40% each, ONGC is rising 1.03%, Grasim Industries is gaining 0.83%, NTPC is adding 0.57% and ACC is up 0.52.

Tata Power is down 0.79% despite reporting a near three-fold rise in consolidated net profit for the first quarter ended June. Tata Motor is down 0.56% ahead of the announcement of of its consolidated results later in the day.

Dish TV is losing 1.16% on reports that it will raise Rs 1,000 crore by issuing foreign currency convertible bonds (FCCBs) in a month. Ansal Properties & Infrastructure is down 1.31% after it decided to raise about Rs.203 crore through the issue of securities to foreign funds and promoters to fund its expansion plans.

Eicher Motor plans to launch a 6/4 heavy duty truck and a rear engine semi-low floor bus next year and is likely to invest Rs.95 crore this fiscal year on expanding its India business, reports said. The stock is down 2.36%.

Tata Consultancy Services (TCS) said on Friday that it plans to double revenues from the Indian market to $1-billion in the 3-4 years. The stock is down over 2%.

Bank of Baroda is down 0.40% on reports about its acquisition plans in Malaysia and Thailand.

Allied Digital Services is up 1.25% after is board approved raising $50 million via qualified institutional share placement. IRB Infrastructure Developers is rising 2.35% after it has been named the selected bidder by the National Highways Authority of India for the Talegaon Amravati BOT Project.

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