Amid alternate bouts of buying and selling in lackluster trades, the market continues to trade flat this afternoon. Amid lingering worries about the fiscal cliff, the U.S. markets closed notably lower on Friday, setting up a weak start for stocks on the Asian bourses this morning.
The mood, back home, is cautious due to lack of triggers. Worries about the near term outlook for the Indian economy too appear to be weighing on sentiment to an extent.
The Sensex, which declined to 19,409 after rising to 19,491.58 early on in the session, is now down 15.80 points or 0.1% at 18,429.04. The Nifty index of the National Stock Exchange is down 5.85 points or 0.1% at 5902.50.
Punjab National Bank is trading stronger by 3.7%. DLF
is up nearly 3%. Bank of Baroda
, Jindal Steel
& Power and Hindalco
are up 1% - 1.6%, while Tata Motors
, Reliance Infrastructure
and Grasim Industries
are up with modest gains.
HCL Technologies, ITC
, Sun Pharmaceutical
Industries, Tata Consultancy Services
, Larsen & Toubro
and Maruti Suzuki
are down 0.% - 1%.
Junior Nifty stocks Glenmark Pharmaceuticals
, Petronet LNG
, Torrent Power, Cummins India
, Hindustan Petroleum Corporation
and Godrej Properties are trading weak.
Meanwhile, GMR Infrastructure
, Aditya Birla Nuvo
, United Phosphorus
, Bank of India
, Colgate Pamolive, Adani Ports
, Exide Industries
Bank and Oracle Financial Services
are up 1% - 3%.
Shriram Transport Finance is trading higher by 1.6%. According to media reports, the Piramal Group is in advanced talks to buy US private equity firm TPG Capital's 20.27% stake in Shriram Transport Finance Company
for around Rs 3500 crore.
Suven Life Sciences Ltd shares are up nearly 3% at Rs 31.30 following an announcement from the company about the grant of three product patents, two from Eurasia and one from Canada, corresponding to the New Chemical Entities for the treatment of disorders associated with Neurodegenerative diseases. These Patents are valid through 2027.
Tecpro Systems is trading firm following the company receiving an international order worth $17.40 million from SK Engineering & Construction, South Korea for Paco power plant in Panama.