RTTNews - The Indian market is trading lower in early trading on Friday amid weak global cues ahead of the release of a crucial U.S. employment report due later in the day. In a significant development, reports stated that NHPC's Rs.6,000 crore IPO has been fully subscribed at the upper band of Rs.36 per share within a few minutes of opening. A revival in the primary market augurs well for the secondary market
After making a gap-down opening at 15,441, the BSE Sensex recouped some of its losses before turning lower again. Currently, the index is trading at 15,412, down 102 points or 0.66% and the S&P CNX Nifty is trading at 4,547, down 0.83%.
On the BSE, the mid-cap index is down 0.42% and the small-cap index is losing 0.21%. The market breadth is negative, with 1118 decliners compared to 871 gainers. Auto, banking and realty stocks are coming under significant selling pressure.
Among the top losers, Maruti Suzuki is down 2.52%, Mahindra & Mahindra is losing 2.26%, Hero Honda Motors is declining 1.80%, Hindustan Lever is down 1.68% and Sterlite Industries is moving down 1.56%.
Tata Motors, Jaiprakash Associates, SBI,Hindalco, BHEL, DLF, Reliance Communication, Reliance Infrastructure, Larsen & Toubro and Infosys are the other prominent decliners.
However, Sun Pharma is rising 1.63%, ONGC is up 1.58%, Wipro is gaining 1.47%, Grasim Industries is adding 0.77% and Tata Steel is up 0.55%.
HDFC Bank, TCS, Reliance Industries, Bharti Airtel and NTPC are also trading firm.
Suzlon Energy is down a modest 0.16% even as its Hamburg-based subsidiary REpower Systems signed two contracts for the delivery of 31 wind turbines for two wind farm projects in Italy. Elder Pharmaceuticals is rising nearly 2% on reports that it would dilute about 14% stake through issue of new shares to a clutch of private equity firms.
Glaxosmithkline Consumer Healthcare is down 2.02% on reports that it is planning aggressive acquisitions and rapid movement into new product categories to reach a turnover of Rs.4,000 crore in the next two years.
Reliance Industries is up 0.42% even as the Anil Dhirubhai Ambani group reportedly alleged Wednesday a conflict of interest in naming the two experts who evaluated and validated the capital cost of its KG gas fields. Meanwhile, RNRL, which is part of the Anil Ambani group, is trading down 0.74%.
Reliance Power is down 0.36% despite reports that it will be given the contract for a 4,000 -megawatt electricity generation plant at Tilaiya. DLF is losing 0.88% after it denied reports that it has plans to exit its life insurance venture with U.S.-based Prudential Financial.
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