Equities drifted lower in early trades on the Indian bourses this morning with investors pressing sales, tracking weak global cues. However, following some support at lower levels, the market has pared some losses subsequently and is currently down with modest losses.
The BSE benchmark Sensex, which declined to 19,574.73 in early trades, is now at 19,629.71, down by about 10 points or 0.05%. The Nifty index of the National Stock Exchange is down 2.60 points or 0.04% at 5956.60, around 20 points off an early low of 5936.45.
Capital goods, consumer durables and metal stocks are trading weak. Select information technology, automobile, realty and bank stocks have edged higher amid cautious trades.
Cipla is down 1.5% despite a surge in earnings. The pharma major announced after trading hours on Wednesday that its net profit jumped 25.5% to Rs 338.78 crore on 18% growth in income from operations to Rs 2103.42 crore in the third quarter of 2012-13, over the corresponding quarter last year. Operating margin jumped 25.4% to Rs 492.89 crore in the third quarter, as compared to the year ago period.
NTPC is down 1.4% at Rs 149. The government is selling about 9.5% of the equity capital of NTPC by way of Offer for Sale through the stock exchanges mechanism today. The floor price for the offer has been fixed at Rs 145.
Hero Motocorp is down 1.6% at Rs 1752. Bajaj Auto, Ultratech Cement, GAIL India, Sesa Goa, Reliance Infrastructure, Ambuja Cements, Lupin, HDFC Bank, BPCL, Siemens and Dr Reddy's Laboratories are down 0.5% - 1.3%.
Jaiprakash Associates is trading higher by nearly 1.5%. IDFC is up 1.2%. HDFC, Punjab National Bank, Ranbaxy Laboratories, Tata Motors, Axis Bank, BHEL, Mahindra & Mahindra, Bank of Baroda and Infosys are also up in positive territory.