RTTNews - The Indian market is trading lower on Tuesday amid profit taking following a sharp surge in recent sessions. Realty, IT, auto and public sector stocks are bearing the brunt of the selling, while healthcare and consumer durable stocks are witnessing modest gains.
After opening modestly higher at 15,218, the BSE Sensex has dipped into the red within a few minutes. The index is now trading near the day's lows at 15,043, down 148 points or 0.98% and the S&P CNX Nifty is trading at 4,458, down 0.97%. The small-cap and the mid-cap indexes on the BSE are down around 0.4% each and the market breadth is negative, with 1014 decliners compared to 763 gainers.
Among the prominent decliners, Tata Steel and TCS are losing around 3% each, Jaiprakash Associates is down 2.73%, Sterlite Industries is declining 2.25%, Tata Motors is down 2.0%, Infosys is moving down 1.91% and Hindalco is down 1.81%.
However, Reliance Infrastructure is advancing 2.13%, Reliance Communication is adding 2.09% and HDFC is up 1.51%. Sun Pharma, Hindustan Unilever, Bharti Airtel, Wipro, HDFC Bank and ONGC are also trading firm.
MindTree is tumbling nearly 5% after it revised its annual FY10 revenue downwards. Reliance Industries is down 0.23% and TCS is losing 2.82% after rising 5% and over 15%, respectively in the previous session.
Indiabulls Financial Services is down 0.54% on reports that it has mopped up about $200 million through a qualified institutional share placement at Rs.171 per share. Nagarjuna Fertilizers & Chemicals is rising 1.94% after it proposed to consider the re-issue of forfeited equity shares on a preferential basis to one of the core promoters of the company.
Shanthi Gears is down over 2% after it declared a lockout for all its units with effect from 6.00 pm. on July 20. Dr Reddy's Laboratories is up 1.93%, UltraTech Cement is gaining 1.04% and Yes Bank is adding 3.22% ahead of the announcement of their June-quarter results.
Apollo Hospitals Enterprise is advancing 3.13% on reports that it will hive off its pharmacy business soon. Sanghi Industries is rising nearly 4% amid reports about British hedge fund Spinnaker Capital Group selling its 25% stake in the company.
Essar Oil is adding 3.21% after its first quarter net profit for FY10 rose over four-fold on the back of foreign exchange gains.
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