RTTNews - Tuesday, the Indian market is moving sideways after opening on a subdued note. Continued profit taking and weak Asian cues are weighing on market movement. Small-caps and mid-caps, which have outperformed large-caps in recent sessions, are coming under significant selling pressure.
Amid choppy trading, the BSE Sensex is now trading at the day's high of 14,795, up 129 points or 0.88% and the S&P CNX Nifty is trading at 4,449, up 0.43%. On the BSE, the mid-cap index is down 1.10% and the small-cap index is losing 2.44%, but the broader BSE 500 index is showing a modest 0.11% gain.
Sector-wise, while IT, banking and FMCG stocks are trading firm, realty, auto and power stocks are showing significant losses.
Among the major gainers, Infosys, TCS and State Bank of India are trading up around 1.8% each, ACC is rising 0.75%, Reliance Communication is gaining 0.63%, ITC is adding 0.46% and HDFC is up 0.46%. Reliance Industries, Larsen & Toubro, Wipro and Grasim are the other prominent gainers.
On the other hand, Mahindra & Mahindra is losing 3.62%, DLF is declining 3.51%, Tata Motors is moving down 3.11%, Jaiprakash Associates is down 2.20% and Ranbaxy is down 1.41%.
Sterlite, NTPC, Bharti Airtel, ICICI Bank, Hindalco and Sun Pharma are the other major decliners.
Saregama India is plunging 8.39% after it decided to issue 27.27 lakh equity shares on a preferential basis. Areva T&D India is up 0.65% on bagging four contracts worth Rs 350 crore from Power Grid Corporation of India for developing four substations in the country.
Ashok Leyland is plummeting nearly 9% on reporting a 65% fall in its commercial vehicle sales in May. Munoth Capital is locked at the 5% upper circuit limit after its board recommended a 7:2 bonus issue and stock split of of equity shares.
Aro Granite Industries is losing 2.99% after its board approved spending up to Rs. 5.5 crore for buying back about 12.50 lakh shares at a maximum price of Rs.55 per share.
Shiv Vani Oil & Gas Exploration Services is down 4.63% after the company called a board meeting on June 9 to discuss fund raising via equity or debt. Omaxe is slumping 7% after the company proposed to raise Rs 1800 crore through various means including a qualified institutional share placement.
Pantaloon Retail is up a modest 0.75% after its board decided to to raise up to Rs 1000 crore in long-term funds through sale of shares to investors. The company would also consider absorbing a wholly owned unit Home Solutions Retail (India) with the parent company.
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