The benchmark indices Sensex and Nifty, which drifted lower after a positive start, remain in the red amid alternate bouts of buying and selling in blue chip stocks. While a positive close on Wall Street and firmer commodity prices set up a good start, stocks have declined subsequently with a section of investors turning cautions and pressing sales in bank, capital goods and power stocks.
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Information technology stocks, which opened on a firm note, have drifted lower. Oil, pharma and auto stocks are subdued. Realty and metal stocks continue to trade firm.
The Sensex, which dropped down to around 15,948, is down with a loss of 25.89 points or 0.16% at 16,016.29 at present. The Nifty is down 2.90 points or 0.12% at 4786.75.
Realty majors DLF and Unitech are up 1.2% and 1.8% at Rs 311 and Rs 72.50 respectively. Phoenix Mills has gained around 3.25%. HDIL has notched up a gain of 3.2% at Rs 313.50. Peninsula Land, Orbit Corporation and India Bulls Real Estate have gained 2.5% - 3%. Mahindra Lifespace, Omaxe, Parsvnath Developers, Anant Raj Industries and Ansal Properties are also up with notable gains.
Metal stocks Gujarat NRE Coke (4.4%) and NMDC (3.35%) have risen sharply. Hindalco, Jai Corp, Sesa Goa, Nalco, Jindal Saw, Tata Steel and JSW Steel are trading higher by 1% - 2%. Ispat Industries, Jindal Steel, Sterlite Industries, Hindustan Zinc and SAIL are also trading firm.
Jaiprakash Associates is trading 2.35% up at Rs 130.50. ACC and Grasim Industries have gained 1.5% and 1.4% respectively. Bharti Airtel, Reliance Infrastructure, Tata Motors, Reliance Communications and Hero Honda are up with modest gains.
Sun Pharmaceuticals, Hindustan Unilever, Tata Power, State Bank of India, Mahindra & Mahindra, BHEL, ONGC, Larsen & Toubro, Wipro, HDFC and Reliance Industries are trading weak. Infosys Technologies, ICICI Bank and Tata Consultancy Services are also exhibiting weakness.
The market, however, remains positive thanks to strong buying in several midcap and smallcap stocks. Out of 2430 stocks seen in action on BSE, as many as 1628 stocks are up in positive territory. 739 stocks have declined and 63 stocks are trading flat.
