Sensex down 35 points as stocks drift lower in opening trades

Last Updated: Fri, Jan 04, 2013 04:12 hrs

​With profit taking and weak global cues dragging down stock prices in early trades, the key Indian stock indices Sensex and Nifty are trading modestly lower this morning.

The BSE benchmark Sensex is down with a loss of 35 points or 0.18% at 19,729.78. The Nifty index of the National Stock Exchange is down 14.75 points or 0.25% at 5994.75.

ONGC is up nearly 2% at Rs 286. BPCL is trading 1.7% up. HCL Technologies, BHEL, Ambuja Cements, Infosys, NTPC, Tata Consultancy Services and Dr Reddy's Laboratories are up with modest gains.

Realty stock DLF declined to Rs 234 in early trades and is currently down 1.5% at Rs 235.35. The stock is down following the Competition Commission of India passing a supplementary order modifying the Apartment Buyers Agreement entered into between DLF and the apartment allottees in some projects in Gurgaon.

CCI in its earlier order dated August 12, 2011 had held that DLF was a dominant enterprise which had violated the provisions of Section 4 of the Competition Act 2002 by entering into an agreement with apartment allottees that was one sided, abusive and unfair to the allottees. Accordingly the Apartment Buyers Agreement has been amended such that the abusive and unfair conditions present in the original one sided agreement have been removed, the Ministry of Corporate Affairs said.

Sesa Goa, Tata Power, Jindal Steel & Power, HDFC, Bank of Baroda, Kotak Bank, HDFC Bank, Tata Steel, Tata Motors, Hindalco, Grasim Industries, ITC and Lupin are down 0.5% - 1.2%.

Manappuram Finance, which ended with a hefty gain on Thursday, is moving up sharply once again. At Rs 44.80, the stock is up more than 10% now. The Manappuram Finance counter on NSE has clocked a volume of nearly 12 million shares so far this morning, and the stock tops the turnover chart as well.

Muthoot Finance (5%), Indiabulls Financial Services (2.6%) and Jet Airways (2%) have also risen sharply on huge volumes.

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