RTTNews - The Indian market is trading lower on Wednesday amid weak global cues. Net selling by FIIs in the past 2 sessions and fears that stocks could correct sharply in the near-term surrounding the general budget on July 6 are also keeping market sentiment subdued.
The BSE Sensex opened lower at 14,978 and fell further to 14,783 in early trading. However, since then, the index has recovered some of its lost ground and is now trading at 14,867, down 91 points or 0.61% from its previous close. The S&P CNX Nifty is trading at 4,484, down 0.75%.
Sector-wise, IT, capital goods, public sector and metal stocks are dragging the benchmark indexes down, but realty, oil/gas and consumer durable stocks are trading firm. On the BSE, the mid-cap and the small-cap indexes are rising over 0.60% each. The market breadth is positive, with 1126 advancers compared to 762 decliners.
Among the major decliners, TCS, Larsen & Toubro, Infosys and ONGC are losing over 2% each. Mahindra & Mahindra, HDFC, SBI, BHEL, Tata Steel and Wipro are the other prominent losers.
However, DLF, Reliance Industries, Jaiprakash Associates and Reliance Infrastructure are up around 1% each, Reliance Communication is up a modest 0.26%, Bharti Airtel is gaining 0.25%, Tata Power is up 0.18% and HDFC Bank is edging up 0.11%.
Tata Motors would use the Nano platform to produce more high-end models as also electric and hybrid cars, reports suggest. The stock is trading down 1.51%.
Titan Industries is up a modest 0.35% on reports that it has set a $1 billion revenue target in the current financial year. Godrej Consumer Products is rising 3.03% after it completed the acquisition of the balance 50% stake in Godrej SCA Hygiene.
Jet Airways is up 2.29% on reports that it has raised fuel surcharge by Rs.400 per ticket. NTPC is down 0.98% ahead of a court hearing on gas supply dispute with Reliance Industries on Wednesday. Power Grid Corporation of India is adding 1.43% on reporting a 17% rise in its FY09 net profit.
Jindal Steel and Power is losing 2.20% after it replaced Reliance Petroleum(RPL) in the S&P CNX Nifty index from Wednesday following the merger of RPL with its parent company Reliance Industries. On the other hand, RPL is trading up a modest 1.01%.
The central bank has barred foreign funds from buying fresh shares in Bajaj Auto as the 24% threshold limit has been reached. The stock is trading up 2.71%.
Sesa Goa is losing nearly 3% after the company proposed to raise about Rs.583 crore through issue of over 3.3 crore shares to the company's promoters and its associates.
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