Wednesday, the Indian market is showing weakness, as investors remain jittery ahead of the announcement of bank stress results in the United States. Profit taking after the recent rally and mixed global cues are also weighing on the market.
The BSE Sensex opened lower and has been trading in a very narrow range. The Sensex is now trading at 12,065, down 66 points or 0.54% and the S&P CNX Nifty is trading at 3,657, down 0.13%.
On the BSE, the market breadth is positive, with 1112 advancers compared to 608 stocks that are declining. The mid-cap index is gaining 1.11% and the small-cap index is adding nearly 1.5%.
Sector-wise, IT and banking stocks are coming under significant selling pressure, but consumer durable and stocks in the public sector are showing notable gains.
Among the major decliners, ICICI Bank is losing 3.51%, TCS, Sterlite and Mahindra & Mahindra are declining more than 2% each, Infosys is down 1.80% and Tata Motors is moving down 1.52%. Tata Steel, HDFC, Wipro, HDFC Bank, Maruti Suzuki and ITC are the other major losers.
However, Hindalco, Reliance Communication, Tata Power, DLF, ONGC, Reliance Infrastructure, Ranbaxy, Grasim, ACC, BHEL, Reliance and State Bank of India are trading in positive terrain.
Tech Mahindra is showing a modest gain after its subsidiary Venturbay Consultants acquired 300.27 million shares or 31% of the share capital in Satyam Computers. Satyam is also rising 0.11%.
Maruti Suzuki is down 0.78% after it announced the launch of 'Ritz', India's first BS-IV compliant passenger car on May 15. Tata Power is gaining 1.87% and Reliance Infrastructure is up 0.59% amid reports that they have reached an agreement for distribution of 500 Mw power in suburban Mumbai.
Mahindra & Mahindra is losing 2.18% due to temporary disruption in production after the workmen at its Nashik Plant resorted to a tool down strike from May 05.
While Lupin and Wockhardt are trading firm, Sun Pharma is losing 0.50% amid reports that Pfizer, the world's largest pharmaceutical company, has filed patent infringement suits against these companies to prevent them from securing marketing approvals for the generic versions of best-selling nerve drug.
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