Tuesday, the Indian market is trading lower mirroring mixed global cues. The market is moving sideways amid alternate bouts of stock-specific buying and profit taking ahead of the expiry of April series derivative contracts on Wednesday.

After opening lower at 11,371, the BSE Sensex has been showing a range-bound movement. The Sensex is now trading at 11,270, down 101 points or 0.89% over the previous close and the S&P CNX is trading at 3,430, down 1.15%. Second-line stocks are also trading lower in line with the benchmarks. On the BSE, the market breadth is negative, with 925 decliners compared to 650 stocks that are gaining.

Among the top decliners, Bharti Airtel is tumbling 3.57%, Sterlite Industries is losing 2.72%, Wipro is declining 2.63%, ONGC is down 2.59% and Reliance Communication is moving down 2.44%. Tata Power, Hindalco, ITC and NTPC are also moving down around 2% each. Twenty-four out of 30 Sensex stocks are now trading in the red.

Jaiprakash Associates is trading higher for the fourth session in a row, gaining a little more than 4%. Among the other gainers, Mahindra & Mahindra is rising 3.60%, Larsen & Toubro is advancing 0.97%, Maruti Suzuki is moving up 0.48%, State Bank of India is gaining 0.31% and Sun Pharma is up 0.20%.

Sector-wise, power, FMCG and metal stocks are coming under significant selling pressure, but select consumer durable, auto and healthcare stocks are trading firm.

Ashok Leyland is losing 2.83% on reports about a delay in proposed manufacturing of light commercial vehicles in collaboration with Nissan Motor of Japan. 3i Infotech is up 0.68% after its US arm Regulas Group agreed to buy J.P. Morgan Treasury Services' National Retail Lockbox Business to expand capacity and capabilities of its unit Regulus.

Areva T&D India is rising 1.85% after reporting a 5% decline in its net profit for the first quarter ended March year-over-year. United Spirits is down nearly 1% after its standalone net profit fell to Rs.55.62 crore for the three months to March compared to Rs 65.11 crore in the same quarter a year ago.

Indiabulls Securities is declining 2.49% after the company announced the schedule for its buyback plan. Shree Renuka Sugars is down 1.20% after its net profit fell more than 20% to Rs 24.10 crore in the second quarter ended March compared to the corresponding quarter last year

Among state-owned oil companies, HPCL and IOC are adding around 0.60% each, but BPCL is losing 1.32% following reports that they may receive additional bonds worth Rs.10, 000 crore from the government to offset losses incurred in the last fiscal year.

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