It's a subdued start for stocks on the Indian bourses this morning with investors treading cautiously amid a lack of prominent triggers. Though worries on the political front have eased slightly, doubts about the government's ability to push forward reforms amid stiff protests by the opposition is likely to render the market quite sluggish in the near term.
The Sensex, which declined to 18,493.33 after moving up to 18,556.50, is currently at 18,534.59, up 17.25 points or 0.09% from its previous close. The Nifty index of the National Stock Exchange is up marginally at 5628.75.
PSU, bank and realty stocks are a bit subdued. Automobile, FMCG, metal and capital goods stocks are mostly trading flat. Select information technology, oil and power stocks have edged higher. A few stocks in the pharma space are also up in positive territory.
BHEL is trading higher by over 1%. Reliance Industries, Sun Pharmaceutical Industreis, Wipro, Tata Consultancy Services, Sterlite Industries, Bharti Airtel, Bajaj Auto and Dr Reddy's Laboratories are up 0.3% - 1%.
HCL Technologies, Asian Paints, Ambuja Cements, Power Grid Corporation, ACC and ONGC are also up in positive territory with modest gains.
Cipla is trading 1.7% down. Siemens is down with a loss of 1.3% and IDFC is trading lower by 1.2%. Mahindra & Mahindra, Axis Bank, ICICI Bank, Reliance Infrastructure, NTPC, GAIL India, Grasim Industries and ITC are also trading weak.
Hindustan Copper has plunged more than 12% to Rs 233 on huge volumes. On the National Stock Exchange, the Hindustan Copper counter has clocked a volume of over 2.7 million shares since trade commenced this morning. After trading hours on Thursday, the government set a floor price of Rs 155 for Hindustan Copper. The stock had ended with a hefty gain overnight.
The stake sale will take place during the trading session today through the separate window provided by the stock exchanges for this purpose.
Jet Airways has moved up 2.3% to Rs 448 on strong volumes. Nearly 5.3 lakh shares have been traded so far at the Jet Airways counter on the National Stock Exchange this morning.