RTTNews - Thursday, the Indian market is in a consolidation phase after a 2-day rally. Investors are taking some profits after the market rose over 90% since its March lows. Traders await the inflation report scheduled to be released later in the day.

After opening higher at 15,517, the BSE Sensex slipped into the red within a few minutes. Amid some choppy trading, the index is now trading at 15,396, down 71 points or 0.46% and the S&P CNX Nifty is trading at 4,642, down 0.29%.

Among the major losers, DLF is down 3.40%, Infosys is declining 2.94%, Jaiprakash Associates is losing 2.68%, Tata Power is down 2.61% and ACC is down 2.60%. Larsen & Toubro, SBI, BHEL, Reliance Infrastructure, ONGC, Wipro, ICICI Bank and Maruti Suzuki are the other prominent decliners.

On the other hand, Tata Steel, HDFC Bank,NTPC and Bharti Airtel are gaining over 2% each. Reliance Communication, Grasim, Sun Pharma, Ranbaxy, Sterlite, Mahindra & Mahindra, HDFC, ITC and TCS are also trading in positive terrain.

Sector-wise, IT, capital goods, public sector and realty stocks are leading the decliners, while metal and healthcare stocks are showing modest gains. The market breadth on the BSE is extremely negative, with 1406 decliners compared to 584 stocks that are rising. The BSE mid-cap index is down 0.55% and the small-cap index is moving down 0.97%.

Gitanjali Gems is rising 4.85% on news that its wholly owned subsidiary Gitanjali Lifestyle is setting up a joint venture company in India in association with Damas LLC, Dubai for retail trading of all kinds of jeweleries and related accessories.

SREI Infrastructure Finance is up 1.88% after the holistic infrastructure institution cut its benchmark lending rates by 100 basis points. Reliance Communications is up 1.27% after it entered into a marketing joint venture with Krishak Bharati Cooperative (KRIBHCO) for selling its products in rural India.

Reliance Industries is down 0.27% on reports that it has increased LPG supplies to state-run oil-marketing companies from its twin refineries at Jamnagar. Public sector companies HPCL, BPCL and IOC are trading down around 1% each.

Mahindra & Mahindra is up a modest 0.44% amid reports that it plans to buy out the 8% stake held by African Automotive Investment Corporation in Mahindra South Africa. UCO Bank is losing 2.52% as its sees scope for cutting interest rates by 100 basis points.

PSL is up 1.29% after its board decided to raise up to Rs.300 crore in one or more trenches through different modalities. Monsanto is plunging 9.30% after it reported a net loss of Rs 26.74 crore in the March quarter compared to a net profit of Rs 12.55 crore in the same quarter last year.

Suzlon Energy is down 4.72% even as its promoters revoked over 6.31 crore shares representing 4.21 per cent stake in the company. Ultratech Cement is tumbling 4.51% after Larsen & Toubro offloaded its entire 11.5% stake held in the company through open market transactions.

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