As selling gained some momentum in afternoon trade, the market, which pared early gains and retreated a bit in late morning trade, is currently down marginally in negative territory.
The Sensex, which declined to 18,295.92, losing nearly 175 points from the day's high, is currently down 21.21 points or 0.12% at 18,317.79. The National Stock Exchange's Nifty index is down 6.50 points or 0.12% at 5564.90, nearly 50 points off the day's high of 5613.70.
Realty stocks have declined sharply amid doubts about a rate cut in the near future. Stocks from this space had opened on a fairly steady note this morning. Mirroing their decline, the BSE Realty index is now down 1.6% from its previous close.
DB Realty is trading lower by over 4%. Anant Raj Industries, Indiabulls Real Estate and Unitech are down 2.4% - 2.8%. DLF, HDIL and Parsvanath Developers are also trading weak, while Godrej Properties, Oberoi Realty and Sobha Developers are up in positive territory with modest gains.
Information technology are subdued. Among the stocks in the BSE IT index, Infosys is down 1.7%, HCL Technologies is trading lower by 1.2%, Oracle Financial Services is down with a loss of 0.7% and Tech Mahindra is trading 0.4% down.
Wipro is trading stronger by over 1%. Financial Technologies is up nearly 2%. Tata Consultancy Services and Mphasis are up marginally.
Metal and capital goods stocks are also trading weak. Oil stocks are not finding any significant support. Pharmaceuticals, bank and FMCG stocks are also mostly subdued. Select power stocks are trading higher. Automobile stocks are well off their morning highs now.
Tata Steel, Sterlite Industries, Sesa Goa, JSW Steel, Jindal Steel & Power, SAIL and Hindalco are all down in negative territory.
Jaiprakash Associates, Reliance Infrastructure, Hero Motocorp, Punjab National Bank, Asian Paints, Bajaj Auto and State Bank of India are down 1% - 2.2%.
HDFC is trading firm with a strong gain of 2.3%. Mahindra & Mahindra is up nearly 2%. Power Grid Corporation, Tata Power, HDFC Bank, GAIL India, Hindustan Unilever, Lupin, Axis Bank and IDFC are also trading firm.
Larsen & Toubro's construction division has won new orders valued over Rs 2500 crore across various business segments. The Infrastructure IC of L&T Construction has secured a prestigious order, valued Rs19.85 billion from GVK Project and Technical Services.
The Buildings & Factories IC, has bagged new ordersworth Rs 397 crore for the construction of acommercial building in Mumbai, including additional orders from various ongoing projects. The Water & Effluent Treatment business has received an order worth Rs 121 crore from the Public Health Engineering Department, Government of Rajasthan.
L&T Finance Holdings is down sharply once again on huge volumes. The stock is trading lower by over 4% at Rs 72.35. More than 17 million shares have been traded so far at the L&T Finance Holdings counter on the National Stock Exchange today.