RTTNews - Monday, the Indian market is showing weakness on the back of negative Asian cues. Profit taking following a 90% rally since early March is also keeping underlying sentiment cautious.
The BSE Sensex opened lower at 15,196 and after touching a low of 15,036 in early trading has recouped most of its losses. The index is now trading at 15,115, down 123 points or 0.81% and the S&P CNX Nifty is trading at 4,551, down 0.70%.
Sector-wise, metal, auto and power stocks are leading the decliners, but IT, banking and consumer durable stocks are showing modest gains. On the BSE, the market breadth is extremely negative, with 1273 decliners compared to 634 advancers. The mid-cap and the small-cap indexes are down around 0.6% each.
Among the major decliners, Sterlite Industries is losing 5.17%, Tata Motors and Tata Power are down more than 4% each, Tata Steel, Hindalco, Mahindra & Mahindra, Reliance Industries and Jaiprakash Associates are down more than 2% each, Larsen & Toubro is moving down 1.86% and Sun Pharma is down 1.76%.
On the other hand, Ranbaxy Laboratories is rising 2.55%, ACC is advancing 2.53%, Grasim is gaining 1.72%, ONGC is adding 0.91%, SBI is up 0.55% and Infosys is edging up 0.54%.
TCS and Wipro are trading up a little over 1% each amid reports that they are among several multinational companies preparing to bid for a $200-million outsourcing contract being considered by Britain's premier postal service Royal Mail Group.
Reliance Industries is losing 2.12%, while RNRL is up 3.89% ahead of the announcement of a final verdict on a gas supply agreement dispute by the Bombay High Court on Monday.
Himachal Futuristic Communications is down 1.79% on reports that it has resolved a year-long dispute over stake sale in telecom company Datacom Solutions with the Videocon Group.
Indian Hotels is up 1.46% despite reporting a 72% decline in its net profit to Rs 38.25 crore in the March quarter compared to Rs 134.88 crore in the corresponding quarter last year.
Bajaj Hindusthan is tumbling 4.90% after the central bank approved an enhancement in the ceiling limit for investment by FIIs in equity shares and convertible debentures of the company from 49% to 74%.
Shree Renuka Sugars is down 2.35% after it increased its equity stake in one of its subsidiary companies viz. KBK Chem-Engineering, a turnkey solutions provider in the filed of distilleries, ethanol plants and bio-fuels, from 54% to 80.28%.
Hindustan Dorr is down a 0.85% even as it bagged a prestigious project worth Rs 126.95 crore from HPCL-Mittal Energy for RO based DM plant of capacity 21 MLD.
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