After opening on a positive note on global cues, the Indian stock market retreated and slipped into negative territory this morning with a section of investors taking some profits in a few front line stocks.
Oil, realty and FMCG stocks have drifted lower, while information technology, power and automobile stocks are mostly up in positive territory. Metal, healthcare, bank and capital goods stocks are trading mixed.
The BSE benchmark Sensex, which declined to 19,280.46 after advancing to 19,382.89 in early trades, is now up 12.61 points or 0.07% at 19,329.62. The Nifty index of the National Stock Exchange is up 0.55 points or 0.01% at 5850.85. Earlier, after rising to 5874.25, the index had declined to 5837.30.
IT majors Wipro (1.6%), Infosys (1.5%) and Tata Consultancy Services (0.6%) are trading firm.
Tata Motors has gained a little over 1.5%. Maruti Suzuki is up with a gain of 0.7% and Mahindra & Mahindra is trading 0.5% up.
State Bank of India is up 0.9% following an announcement from the bank that its executive committee of central board has approved raising Rs 3004 crore through preferential allotment of equity shares to the Government of India.
Tata Steel is up nearly a percent. Jindal Steel & Power, NTPC, BHEL and Hindalco are up with modest gains, while HDFC Bank and GAIL India are up marginally.
Ranbaxy Laboratories has jumped more than 4% to Rs 431. Power Grid Corporation is up nearly 2%. Ambuja Cements, ACC, IDFC and Jaiprakash Associates are also up with strong gains.
BPCL, DLF, Ultratech Cement, Cipla, Hero Motocorp, ONGC, Reliance Industries, Kotak Bank, Dr Reddy's Laboratories, ITC, Asian Paints and Coal India are down in negative territory with sharp to moderate losses.