With just a few more minutes to go for the bell and not much buying happening in front line stocks, the market looks headed for a negative close this afternoon.
Amid a lack of fresh triggers, investors appear quite reluctant to indulge in any big buying today. With the reporting season just a couple of weeks away, they seem to be looking for some clear signals to lap up stocks.
At 19,319.30, the Sensex is down nearly 100 points or 0.5% from its previous closing mark. The Nifty is now down 35.60 points or 0.6% at 5870.
Information technology, consumer durables, FMCG and capital goods stocks are mostly subdued. Automobile and PSU stocks are finding some support. Realty, bank and power stocks had some moments in positive territory, but gave up their gains subsequently. Metal and pharma stocks too are moving in a tight range.
Mahindra & Mahindra, Asian Paints, Power Grid Corporation, BHEL, GAIL India and Jindal Steel & Power have lost 1.5% - 2%. Ranbaxy Laboratories, Cairn India, IDFC and Cipla are also trading notably lower.
Tata Motors (2%) continues to trade firm thanks to sustained buying at the counter. Axis Bank, Bharti Airtel, ONGC, Tata Steel, State Bank of India, Dr Reddy's Laboratories, Lupin, Maruti Suzuki and Bank of Baroda are up with modest gains.