The Indian stock market is quite subdued amid cautious trades this morning, with investors appearing a bit wary of indulging in any big buying due to lingering worries about near term growth.
A lower growth projection for the year and doubts about near term market outlook after recent sharp run-up appear to be forcing a section of investors to stay away on the sidelines.
The BSE benchmark Sensex, which eased to 19,568.57, is currently up 9.58 points at 19,589.90. The Nifty index of the National Stock Exchange is up 1.20 points at 5940, after declining to around 5929 in opening trades.
Oil, metal and bank stocks are quite subdued. Healthcare, information technology, power, realty and FMCG stocks are mostly trading flat. Select capital goods, automobile and consumer durables stocks are up in positive territory with notable gains.
Tata Motors is up 1.3% at Rs 293. Mahindra & Mahindra is up nearly a percent at Rs 904 and Bajaj Auto is trading 0.6% up at Rs 2075.
HDFC is up 1% at Rs 820. Tata Consultancy Services, Larsen & Toubro, Sun Pharmaceutical Industries, NTPC and HDFC Bank are trading higher by 0.5% - 0.8%.
Power Grid Corporation, Jaiprakash Associates, IDFC, Ultratech Cement and Lupin are trading higher.
ACC is down by a little over 1% at Rs 1330. The company announced after trading hours on Thursday that its consolidated profit after tax declined 18.56% to Rs 1059.28 crore on 11.28% growth in sales turnover to Rs 11130.56 crore in the year ended 31 December 2012 over the year ended 31 December 2011.
Ambuja Cements is down 2.7% at Rs 194.80. Cipla has lost a little over 2%. Coal India, ICICI Bank, Reliance Infrastructure, BPCL, Reliance Industries, Bank of Baroda, Sesa Goa, Cairn India, Ranbaxy Laboratories, Kotak Bank and Infosys are also trading notably lower.