RTTNews - Tuesday, the Indian market is trading choppily after opening higher on favorable overseas cues. Consumer durable, metal and IT stocks are showing notable gains, but realty, auto and FMCG stocks are coming under selling pressure.
The BSE Sensex opened higher at 14,831 and rose to a high of 14,907 before slipping into the red. The index is now trading at 14,782, down 4 points or a mere 0.03%, while the S&P CNX Nifty is trading at 4,389, down 0.05%. However, the BSE mid-cap index is up 0.37% and the small-cap index is rising 0.57%. The market breadth on the BSE is also positive, with 1050 advancers compared to 711 stocks that are declining.
Tata Motors, Bharti Airtel, Mahindra & Mahindra, Hindalco, DLF, Reliance Infrastructure, SBI, ITC, Reliance Communication, Jaiprakash Associates and Reliance Industries are the prominent decliners.
On the other hand, Tata Steel is rising 3.49%, Tata Power is gaining 2.75%, Sun Pharma is adding 2.68% and NTPC is up 1.55%. Hero Honda, TCS, Grasim, Sterlite, Larsen & Toubro and Wipro are also trading in positive territory.
Apollo Hospitals Enterprise is rising 2.30% after its net profit rose 16% for FY09. Areva T&D is up 0.58% after it secured an order from Hindalco for erecting 440 kilo volt substations at its plants in Singrauli (Madhya Pradesh) and Sambalpur (Orissa).
State Bank of India is down a modest 0.30% after announcing the launch of a 'Dealers Accounts Drive' from July 1, wherein inventory funding for dealers would be offered at a reduced interest rate. Sterlite Industries is up 0.82% after its wholly-owned subsidiary Sterlite Energy achieved financial closure for its 2,400 megawatts power project at Jharsuguda in Orissa.
Pyramid Saimira Theatre is down 0.60% on reports that it has decided to sell off its businesses and assets in the U.S. and Malaysia in an effort to contain losses and generate funds for Indian operations. Max India is losing 0.54% on reports that it has scaled down its capital raising plans to Rs.500 crore from Rs.1,000 crore.
Godrej Consumer Products is adding over 1% amid reports that it is in advanced talks to license some brands to retailer Future Group for a period of 3-5 years. BL Kashyap & Sons is up nearly 1% on saying that it bagged new projects worth Rs 560 crore in the first quarter of FY 2009-10.
Birla Power Solutions is gaining 1.18% after its board decided to raise up to Rs 100 crore via equities or convertible bonds in domestic or international markets.
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