Tuesday, the Indian market is trading lower mirroring weak global markets, even as it cut most of its losses in early trading due to stock-specific buying. Traders await the monetary policy announcement from the central bank. Banking and realty stocks are coming under significant selling pressure, but defensive FMCG stocks are trading firm
After making a gap-down opening at 10,765, the BSE Sensex has recouped most of its losses. The Sensex is now trading at 10,897, down 83 points or 0.75% over the previous close and the S&P CNX Nifty is trading at 3,356, down 0.62%.
On the BSE, the mid-cap index is losing 0.58%, the small-cap index is down 0.37% and the broad-based BSE 500 index is down 0.77%. The market breadth is negative with 994 decliners compared to 632 stocks that are advancing.
Among the major losers, Sterlite Industries is losing 4.60%, ICICI Bank is declining 3.21%, HDFC is down 2.25% and Tata Motors is down nearly 2%. Tata Steel, DLF, Jaiprakash Associates, ONGC, State Bank of India and Larsen & Toubro are the other prominent decliners.
However, Hindalco Industries, NTPC, ITC, Wipro, Grasim, Bharti Airtel, Ranbaxy Laboratories and TCS are trading in positive terrain.
GHCL is plunging more than 8% after market regulator SEBI, in an interim order passed on Monday, barred the company's promoters from dealing in the securities market until further orders on allegations that the company had filed false shareholding details.
Axis Bank is losing 3.52% after the bank appointed ICICI Group's Shikha Sharma as its new managing director and CEO. For the fourth quarter ended March, the bank reported 61% growth in its net profit to Rs.581 crore from Rs.361 crore in the same quarter last year, boosted by growth in its fee income and trading profits.
Welspun-Gujarat Stahl Rohren is rising 1.17% after the company decided to hive-off its Plate-cum-Coil mill into a 100% subsidiary. Indiabulls Real Estate is up 0.11% following reports that it has completed an outright sale deal with British Council at Indiabulls Centre in Lower Parel, Central Mumbai, for around Rs.30 crore.
Sesa Goa is up 0.47% even as decline in iron ore prices and higher costs pulled down the company's net profit by 32 per cent for the three months ended March compared to the corresponding period last year. Hindustan Construction is down 0.08% after the company proposed to consider various options for raising long-term funds including a rights issue of shares.
Satyam Computers is rising 4.42% amid reports that Satyam will continue to operate as a standalone unit and that Tech Mahindra will make an announcement for a 20% open offer on Tuesday. Jet Airways is losing 3.32% on reports that it will cut its fleet by nearly a fifth to further slash costs amid the economic downturn.
Power Grid Corporation of India is up 0.25% on reports that it will approach the government for a second tranche of public offer to raise up to Rs.3, 000 crore for strengthening its systems, evacuating more power from different parts of the country and entering consultancy business in a big way.
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