Sensex, Nifty flat as stocks face resistance at higher levels

Last Updated: Mon, Jan 07, 2013 06:33 hrs

The market, which moved sideways after a fall from a higher levels and a subsequent rebound, has given up gains once again due to a fresh round of selling in some blue chip stocks.

The mood, amid weak global cues, is a bit cautious today. A lack of triggers from the domestic front too appear to be prompting investors to stay away on the sidelines.

At 19,785.05, the Sensex is down with a slender loss now. The Nifty index of the National Stock Exchange is down 1.20 points at 6014.95.

Automobile, metal, healthcare and select oil, consumer durables and information technology stocks are trading higher. Realty, capital goods and bank stocks are mostly subdued. FMCG and power stocks are finding modest support.

BPCL is trading stronger by 3.7%. Maruti Suzuki is up by a little over 3%, amid expectations of buoyant quarterly results. Cairn India, Hindalco, Cipla, Sun Pharmaceutical Industries, ONGC, Mahindra & Mahindra, Reliance Infrastructure, Wipro and Jindal Steel & Power are up 1% - 2.3%.

Infosys, Hero Motocorp, Tata Steel, Bharti Airtel, IDFC, Sesa Goa, Dr Reddy's Laboratories and Tata Motors are also up in positive territory, albeit with less pronounced gains.

Coal India, Larsen & Toubro, Hindustan Unilever, Power Grid Corporation, HDFC, Ultratech Cement, HDFC Bank, ACC and Tata Power are trading weak, losing 1% - 1.2%.

Hindustan Petroleum Corporation, up 4.2%, is the top gainer in the Junior Nifty index. Reliance Communications is up 3.3%. GMR Infrastructure, Biocon, Exide Industries, Indian Hotels, Container Corporation, SAIL, Petronet LNG, Yes Bank, Tata Chemicals and Aditya Birla Nuvo are trading higher by 1.5% - 3%.

ING Vysya Bank is up sharply, adding nearly 3%, following the Reserve Bank of India approving a proposal to increase FII investement limit under portfolio investement scheme in the stock to 30% from 24% of the paid-up capital of the bank.

Hindustan Motors has vaulted 20% following an announcement from the company that it is considering the restructuring of the company.

In the currency market, the rupee rose to 54.90 against the U.S. dollar in early trades, gaining 17 paise. The partially convertible rupee had ended at 55.07 against the dollar on Friday, recording a loss of 57 paise.

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