Sensex down nearly 50 points amid cautious trades; Axis Bank up 4.5%

Last Updated: Tue, Jan 29, 2013 05:23 hrs

The market, which opened on a slightly listless note this morning, continues to swing between gains and losses with investors treading cautiously ahead of the Reserve Bank of India's monetary policy review.

After scoring some strong gains in the previous session, amid expectations of a rate cut from the central bank, realty and automobile stocks are trading weak this morning, even as stocks from the banking space exhibit a slightly mixed trend.

Healthcare stocks are finding some support, while stocks from oil, capital goods, power and information technology sectors are mostly trading flat. Midcap and smallcap stocks are quite subdued so far.

The BSE benchmark Sensex, which surged to 20,107.68 before sliding to 20,029.42, is currently down 46.90 points or 0.23% at 20,056.45. The Nifty index of the National Stock Exchange is down 10 points or 0.15% at 6064.80.

HDFC Bank, DLF, Bank of Baroda, Wipro, Tata Motors and IDFC are trading lower by 1% - 1.8%. IDFC, Bajaj Auto, Reliance Infrastructure and Hindustan Unilever are down nearly a percent from their previous closing levels.

GAIL India, BHEL, Hindalco, Asian Paints, Punjab National Bank, BPCL and State Bank of India are also trading weak.

Axis Bank is trading stronger by nearly 4.5% at Rs 1475 following the launch of its qualified institutional placement issue.

Jaiprakash Associates, Tata Power, Cipla, Power Grid Corporation, ACC, HCL Technologies, Sun Pharmaceutical Industries, Sesa Goa, Maruti Suzuki, Lupin, Tata Consultancy Services and Bharti Airtel are all trading higher by 0.5% - 1%.

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