Sensex comes off lower levels

With several blue chip stocks trading weak due to sustained selling pressure, the market, which opened on a weak note this morning, continues to languish in the red with notable losses. A weak trend in global markets amid lingering worries about the European debt crisis and its likely impact on the global economy appears to be prompting invetors to tread cautiously.

Though falling food inflation has raised expectations of some monetary easing moves from the central bank, investors remain wary of building up positions ahead of the crucial reporting season.

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The Sensex is down 111.60 points or 0.7% at 15,745.48, around 80 points off the day's low of 15,664.91. The Nifty, which declined to 4686.85 earlier in the day, is now down 34.50 points or 0.73% at 4715.45.

Capital goods, power and metal stocks are mostly trading notably lower this afternoon. Stocks from consumer durables, realty, automobile and banking sectors too are trading weak. Information technology stocks found some support early on in the session, but have retreated now with investors turning quite cautious.

FMCG and healthcare stocks are trading mixed. Oil stocks are finding some support. While a few stocks from the smallcap space have moved higher on strong buying support, midcap stocks are mostly subdued today.

Hero Motocorp, Bharti Airtel and Jaiprakash Associates are trading lower by 4% - 4.5%. Tata Power has lost a little over 3%. ONGC, Jindal Steel and BHEL are down nearly 3% now.

Tata Steel, Larsen & Toubro, Wipro, DLF, State Bank of India, ICIIC Bank, Sterlite Industries, Coal India, Bajaj Auto, Infosys, Tata Consultancy Services, Mahindra & Mahindra, Hindustan Unilever and HDFC are also trading notably lower.

Reliance Industries is steady around Rs 712, up 1.8% over its previous closing price. Maruti Suzuki is up with a gain of 1.6%. Hindalco, Sun Pharmaceuticals, HDFC Bank and Sterlite Industries are up with modest gains.

Gujarat State Petronet, Crompton Greaves, JSW Steel, Gujarat Minerals, Biocon, Jain Irrigation Systems, ING Vysya Bank, Financial Technologies, IndusInd Bank, Indiabulls Real Estate, IDFC, Central Bank of India and IRB Infrastructure are down 2.5% - 4.5% now.

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Pantaloon Retail has surged more than 6% to Rs 140.85 on strong buying at the counter. MMTC is up 5.3% at Rs 820. Fortis, UTV Software, Allahabad Bank, JP Infratech, Hindustan Copper, BPCL, Rashtriya Chemicals & Fertilizers, Essar Oil, Indian Oil Corporation and Dish TV India are up 1% - 3%.