RTTNews - After a cautious start, the Indian market slipped into the red and is now trading choppily in a narrow range on Tuesday amid some profit taking following recent sharp gains. However, second-line stocks are receiving good buying support.
The BSE Sensex opened modestly higher at 15,940 and rose to the day's high of 16,002 before slipping into negative territory. The Sensex is now trading at 15,858, down 67 points or 0.42% from its previous close and the S&P CNX Nifty is trading at 4,691, down 0.44%.
On the BSE, the mid-cap index is up 0.53 and the small-cap index is rising 0.91%. The market breadth is extremely positive, with 1212 gainers versus 614 decliners. Sector-wise, FMCG, IT, healthcare, power and banking stocks are dragging the market lower, while metal, consumer durable and auto stocks are showing notable gains.
Among the top losers, Tata Power is losing 2.81%, ITC is down 2.22%, Bharti Airtel is moving down 1.87%, Sun Pharma is down 1.33% and Infosys is edging down 1.29%.
HDFC, Grasim, ICICI Bank, BHEL, Jaiprakash Associates, Wipro and Maruti Suzuki are the other prominent decliners.
On the other hand, Hindalco is surging up 4.81%, Sterlite is adding 1.52%, TCS is up 1.46% and Tata Motors is gaining 1.12%.
Tata Steel, Reliance Industries, NTPC, HDFC Bank, Reliance Communication, Hindustan Unilever and Hero Honda Motors are also trading in positive territory.
HCL Technologies is down 0.24% after rising over 5% in the previous session. The company said that it completed the acquisition of a 35,000 square foot data center from a Fortune 500 Organization in Parsippany, New Jersey.
ACC is trading almost unchanged after reporting a modest 4% rise in cement shipments for July. India Cements is up 2.27% after announcing a 19% year-over-year growth in dispatches of cement and clinker for July.
Oil explorer Reliance Industries is up 0.49% and Cairn India is rising 1.62%, but ONGC is down 1.48% after crude oil price surged past $70 a barrel mark for the first time in a month on Monday.
Mahindra & Mahindra wants to double its non-tractor farm business revenue to Rs 120 crore this year, reports suggest. The stock is down 0.74%.
Unitech is down 0.26% on reports it is making attempts to sell its telecom tower making business for Rs 700-750 crore as part of its de-leveraging initiative.
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