After trading in positive territory for a little over a couple of hours, the market drifted down to lower levels today with investors turning cautious again. With the Union Budget just a few days away, investors appear to have chosen to play it safe for now.
Though there are expectations that there will be some positive and interesting proposals in the budget, worries about near term economic outlook appear to be weighing on sentiment to an extent.
The Sensex, which declined to 19,237.98, losing around 70 points in the process, has edged up to 19,329.08 now, netting a small gain of 12.07 points or 0.06%. At 5851.40, nearly 30 points off the day's low, the Nifty is now up 1.10 points from its previous close.
Consumer durables, realty, capital goods, metal, PSU and oil stocks are taking a beating of sorts, while stocks from information technology sector continue to trade firm. Select automobile stocks are also trading higher. Bank, FMCG and power stocks are mostly subdued.
Ranbaxy Laboratories (3.5%), Infosys (2.5%), Power Grid Corporation (2.2%), Tata Motors (1.6%), HCL Technologies (1.5%), Ambuja Cements (1.2%) and Wipro (1.2%) are up with strong gains.
Tata Consultancy Services, State Bank of India, Maruti Suzuki, BHEL, HDFC, Siemens, IDFC and Grasim Industries are up with smart gains.
Jaiprkash Associates, DLF and BPCL are trading lower by over 2.5%. Cipla and Ultratech Cement are down by a little over 2%. Larsen & Toubro, ONGC, Sesa Goa, Coal India, Bank of Baroda, Punjab National Bank, Kotak Bank, NTPC and Reliance Infrastructure are also trading notably lower now.
Crompton Greaves, Adani Enterprises, Cummins India, IDBI Bank and SAIL are down 2% - 3.5%. JSW Steel, Union Bank of India, United Phosphorus, Reliance Communications, Bank of India, Canara Bank, Yes Bank and Reliance Power are trading lower by 1.5% - 2%.
Mphasis, LIC Housing Finance, Aditya Birla Nuvo, Container Corporation, Ashok Leyland, Apollo Hospitals, REC and Power Finance Corporation are up in positive territory with sharp to moderate gains.
Welcorp is down almost 20% at Rs 68 on huge volumes. On the National Stock Exchange, the Welcorp counter has clocked a volume of around 16 million shares today.