With no significant triggers to warrant any strong buying, the Indian stock market is trading modestly lower this morning, with investors mostly treading cautiously and pressing some sales in a few front line stocks.
While key stocks from capital goods, metal, oil and PSU sectors are trading weak, select few from healthcare, automobile and banking sectors are up in positive territory with smart gains.
FMCG and realty stocks are mostly trading flat. Information technology and power stocks are also quite subdued in opening trades.
The BSE benchmark Sensex, which declined to 19,652.82 after surging to 19,710.74 in early trades, is currently down 18.77 points or 0.1% at 19,672.65. The Nifty index of the National Stock Exchange is down 5.50 points or 0.09% at 5982.90. Earlier, after advancing to 5990.65, the Nifty had eased to 5973.
Larsen & Toubro, ONGC, Hindustan Unilever, Tata Steel, Infosys, Hindalco, GAIL India, BHEL, Sterlite Industries, Jindal Steel & Power, Wipro and ICICI Bank are down 0.5% - 1.2%.
Jaiprakash Associates, BPCL, Axis Bank, IDFC, Ultratech Cement, Sesa Goa, DLF and Asian Paints are all trading weak.
Sun Pharmaceutical Industries is trading nearly 2% up at Rs 758.60. Dr Reddy's Laboratories and Lupin are up by around 0.7% at 1901 and Rs 603, respectively, while Ranbaxy Laboratories and Cipla are trading marginally up from their previous closing levels.
Ambuja Cements, Tata Motors, Bharti Airtel, ACC, HDFC, ITC, State Bank of India, Punjab National Bnak and HDFC Bank are up with modest gains.
United Spirits is trading weak, quoting around Rs 1908. The stock is down following the delay in implementation of the open offer by the U.K.- based diageo Plc to buy up to 26% additional stake in the Indian firm. The revised schedule of activities is expected to be made soon.
IFCI, which has been gaining ground quite consistently in recent sessions, is up more than 2% in early trade this morning. On the National Stock Exchange, the IFCI counter has clocked a volume of nearly 8 million shares so far in the session.