RTTNews - Thursday, the Indian market slipped into the red after opening modestly higher on favorable overseas cues. Continued profit taking ahead of the announcement of the Union budget early next week is causing volatility, while investors also await the release of economic survey report in the Parliament.

The BSE Sensex opened higher at 14,694 and drifted to a low of 14,569 in early trading. Since then, the index has recouped some of its loss and is now trading at 14,599, down 46 points or 0.32%. The S&P CNX Nifty is trading at 4,333, down 0.18%..

However, the small-cap and the mid-cap indexes on the BSE are showing modest gains. The market breadth is also positive, with 1037 advancers compared to 662 stocks that are declining.

Sector-wise, IT, FMCG, power, auto, banking and capital goods stocks are coming under selling pressure, while public sector, healthcare, metal, consumer durable and oil/gas are showing notable gains.

Among the top losers, TCS, Reliance Infrastructure, Reliance Communication, Tata Motors, Infosys, DLF, Maruti Suzuki and SBI are trading down over 1% each. On the other hand, ONGC, Sun Pharma, Jaiprakash Associates, Tata Steel, Sterlite, Grasim, Hindalco, HDFC, ACC and NTPC are trading in positive territory.

HPCL is up 2.44% on reports that it is investing around Rs.3,700 crore in its Vizag Refinery to meet Euro norms and create additional facilities. Among the other state-run oil companies, BPCL is up 2.19% and IOC and ONGC are up over 3% after the government hiked fuel prices by as much as 10% late on Wednesday.

Punj Llyod is advancing 2.73% after Sembawang Engineers and Constructors, a wholly owned subsidiary of the company in Singapore, bagged a major contract worth around Rs.1,263 crore from the land transport authority of Singapore.

Ambuja Cements is down 0.78% even as its June shipments rose 8.2% year-over-year. UltraTech Cement and Grasim Industries are up over 1.2% each after the Aditya Birla Group reported a 22% rise in its June cement shipments.

Tata Motors is losing 1.34% after its June sales including exports declined 4% year-over-year. SAIL is up a modest 0.23%, while Ispat Industries is down 1.37% amid reports that they are contemplating price hikes in July. IFCI is rising 2.63% on reports that it may rope in a partner for its proposed banking business.

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