RTTNews - Tuesday, the Indian market is trading in the red after opening significantly higher this morning. Profit taking following a 3-day rally is weighing on market movement.
The BSE Sensex opened higher at 14,893 and rose to a high of 14,994 before slipping into the red. The index is now trading at 14,819, down 21 points or 0.14% and the S&P CNX Nifty is trading at 4,513, down 0.37%.
Sector-wise, public sector, realty, power and metal stocks are coming under significant selling pressure, but select stocks in the IT and defensive FMCG sectors are trading firm.
On the BSE, the market breadth is slightly positive, with 1297 advancers compared to 918 stocks that are declining. The small-cap and the mid-cap indexes have pared all their early gains and are currently trading down around 0.3%.
Among the major losers, Reliance Infrastructure is losing 2.35%, HDFC Bank is declining 1.10%, Reliance Communication is down 1.08%, NTPC is down 0.96% and State Bank of India is edging down 0.84%. ACC, Jaiprakash, Bharti Airtel, DLF, Maruti Suzuki, ONGC, Ranbaxy, Reliance Industries and Grasim are also trading in the red.
On the other hand, Mahindra & Mahindra is rising 2.89%, Tata Steel is gaining 2.58%, Tata Power is advancing 2.13%, Sterlite Industries is up 1.78% and HDFC is up 1.72%. Infosys, Larsen & Toubro, ITC, ICICI Bank and Wipro are the other prominent gainers.
Tata Motors is rising 1.66% despite reporting a 13% drop in May vehicle sales. Sun Pharma is down 0.27% amid reports that it eyes 13-15% revenue growth this financial year.
State Bank of India (SBI) is down 0.79% after it has been allotted 437,400 shares in Nepal SBI (a Nepal based joint venture bank in which SBI has a shareholding of 50%) in a divestment of stake by Agricultural Development Bank, Nepal.
Pantaloon Retail is rising 3.08% on reports that it is near to sealing an equity partnership deal with French retail giant Carrefour. Adlabs Films is losing 3.43% on receiving a no-objection letter from the ministry of information and broadcasting for the transfer of operation of the FM radio license to Reliance Unicom.
Housing Development & Infrastructure (HDIL) is up 0.55% after it entered into a joint venture with Mumbai Metropolitan Region Development Authority for the development of 525 acre of land under rental housing scheme at Virar.
Subex is gaining 3.52% after it expanded its managed services offering to boost efficiency of telecom firms. Ashok Leyland is adding 2.21% on reports that it will develop heavy vehicles run on compressed natural gas. Orbit Corporation is up 3.83% after the company proposed to raise funds through a qualified institutional share placement.
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