RTTNews - After a modest recovery in the previous session, the Indian market fell again on Wednesday amid weak global cues on the back of lower commodity prices and caution before the conclusion of a two-day policy meeting by the U.S. Federal Reserve. Concerns about scanty rains and continued FII selling are also weighing on market sentiment.
Traders await industrial output report for June due at around noon today for cues on the strength of the domestic economy. With investors expecting a rebound in sectors linked to the government's spending, it remains to be seen if the data cheers investors.
The BSE Sensex opened lower at 14,953 and fell to a low of 14,878 in early trading, However, since then, the index has cut some of its loss and is now trading at 14,961, down 113 points or 0.75% and the S&P CNX Nifty is trading at 4,435, down 0.82%.
The BSE small-cap index is down 0.18% and the mid-cap index is moving down 0.26%, outperforming large-caps. Sector-wise, banking, realty, auto and metal stocks are coming under significant selling pressure, but healthcare, FMCG and consumer durable stocks are showing modest gains.
Among the major decliners, Tata Steel, Sterlite, Mahindra & Mahindra, ICICI Bank, Reliance Communication and SBI are trading down around 2% each. TCS, Tata Motors, ONGC, Hindalco, HDFC, NTPC, Infosys, HDFC Bank and DLF are the other prominent losers.
On the other hand, Sun Pharma, ITC, Bharti Airtel, Hindustan Unilever and ACC are trading in positive territory.
Wipro is down 1.11% despite reports that it is close to signing a Rs 1500-crore outsourcing deal with Etisalat DB Telecom India. Tata Motors is losing 1.66% after rising nearly 7% in the previous session on news that it had secured private funding for its Jaguar Land Rover unit.
Anant Raj Industries is gaining over 2% on reports that it has deferred a plan to raise resources through the qualified institutional share placement. Raj Oil Mills is trading at Rs.119.55 on its debut on the BSE today. The company priced its IPO at the top end of the Rs.100-120 price band.
Select pharma stocks are rising for the third day in a row as the government ramps up procurement of the generic version of Tamiflu (oseltamivir), currently being imported from Swiss drug maker, Roche. Cipla is up 1.30%, Natco Pharma is surging up over 12%, Ranbaxy Laboratories is adding nearly 3% and Strides Arcolab is up 4.20%.
Sun Pharmaceutical Industries is up 2.84% after receiving U.S. regulatory approval for an anti-cancer drug. Indraprastha Gas is down a modest 0.10% amid reports that it will soon sign a gas-supply agreement with Reliance Industries.
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