RTTNews - Tuesday, the Indian market is showing a range bound movement due to a lack of direction from the U.S. markets. Profit taking after a sharp 15% rise last week amid mixed Asian cues is weighing on investor sentiment.
The BSE Sensex opened almost flat at 13,930 and rose to a high of 13,991 before slipping into the red. The index is now trading at 13,905, down 8 points or 0.06% and the S&P CNX Nifty is trading at 4,224, down 0.32%.
However, the mid-cap index on the BSE is moving up 1.24% and the small-cap index is rallying 2.41%. The market breadth is extremely positive, with 1829 advancers compared to 329 stocks that are declining.
Among the major decliners, Ranbaxy Laboratories is tumbling 4.39%, Bharti Airtel is losing 2.39%, Maruti Suzuki is declining 1.14% and Tata Motors is down around 1.15%.
Mahindra & Mahindra, Reliance Industries, Reliance Communication, ONGC, ICICI Bank, TCS and Tata Power are also trading in the red.
On the other hand, Sterlite Industries is rising 3.33%, Sun Pharma is gaining 2.78%, HDFC is adding 1.86% and BHEL is up 1.81%. Hindalco, Infosys, Jaiprakash Associates, DLF and Wipro are also trading up over 1% each.
Sector-wise, while auto and oil/gas stocks are trading in negative terrain, consumer durables, metal, realty and IT stocks are showing notable gains.
State-run Punjab National Bank is up nearly 2% after the bank proposed to open five overseas offices over the next few months. Drug maker Dishman Pharmaceuticals is climbing 17% after its consolidated net profit for the 12 months to March rose 22% year-over-year.
Tata Motors is losing 1.43% on reports that it could apply for a rollover of the remaining $1.05 billion bridge loan that it had taken in 2008 to fund the acquisition of luxury car brands Jaguar and Land Rover.
A navratna public sector company Rural Electrification Corporation (REC) is up a modest 0.20% after it reported a sharp 65% rise in its net profit for the March quarter. Tantia Constructions is locked at the 5% upper circuit limit on securing a 581.6 million rupees contract to construct a bridge over river Damodar in Bowichandi.
State-run electricity producer NTPC is down 1.32% amid reports that it has earmarked Rs.24, 525 crore towards capital expenditure during the current fiscal year, about 62% more than last year's expenditure. PTC is up 1.06% after the company proposed to raise Rs.500 crore through qualified institutional share placement at a price of Rs.75 per share.
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