The market is moving in a tight band amid lackluster trades this afternoon with investors choosing to wait for some clear direction for the near term. FMCG, consumer durables and capital goods stocks are mostly subdued.
The BSE benchmark Sensex is down 12.61 points or 0.075 at 19,342.65 and the Nifty is down with a loss of 1.10 points or 0.02% at 5886.90.
Information technology, power, metal and healthcare stocks are trading mixed. Oil, bank, realty and automobile stocks are attracting buyers. Buying remains quite selective in midcap and smallcap segments.
FMCG major ITC
is down by over 4% at Rs 293.60 following FTSE lowering its free float weighting for the cigarette maker in its global equity index series, according to the web site of the index provider.
Citigroup said in a note the change in free float weighting could lead to selling of 36 million shares in ITC, amounting to $200 million.
Hindustan Unilever is trading lower by a little over 1% at Rs 525 after declining by over 3% earlier in the day. The stock tumbled amid reports that Unilever's Indonesian subsidiary has agreed to pay a higher royalty payment to Unilever Plc.
Larsen & Toubro, NTPC
, Sun Pharmaceutical
Industries, Dr Reddy's
, Sterlite Industries
and Tata Steel
are also trading weak.
JSW Steel Ltd reported monthly Crude Steel production of 6.03 lakh tonnes for November 2012. The stock is down nearly a percent at Rs 795 now.
NMDC Ltd shares are up nearly 4% at Rs 160 following the successful completion of the government's offer for sale of 10 percent stake in the company.
Mahindra Satyam has announced that it has settled claims brought in the Commercial Court in London by Aberdeen Global and twenty-two other funds managed by Aberdeen Asset Management PLC and its subsidiaries that had claimed damages. The company has entered into a confidential settlement agreement with Aberdeen Asset Management and paid $68 million, Mahindra Satyam said in a filing to the Bombay Stock Exchange. The stock is trading trading flat at Rs 104 at present.