The Indian stock market is down with modest losses in early trades this morning with investors pressing some sales, tracking weak global cues. The mood is quite cautious ahead of key earnings reports.
Select consumer durables, FMCG, realty, power and healthcare stocks have edged higher, while oil, metal and automobile stocks are trading slightly weak. IT, capital goods and bank stocks are mostly flat.
The BSE benchmark Sensex, which advanced to 20,008.83 before declining to 19,965.7, is currently down 21.86 points or 0.11% at 19,983.14. The Nifty index of the National Stock Exchange is down marginally at 6055.05, after drifting down to 6044.60 in early trades.
Reliance Industries is down by a little over 1%. Tata Motors, Maruti Suzuki and Hero Motocorp are trading lower by 0.6% - 0.8%. Sterlite Industries, Tata Power, Larsen & Toubro, Coal India, Tata Steel, NTPC, Wipro and Bharti Airtel are also trading weak. ICICI Bank is down 0.3% amid cautious trades ahead of quarterly results.
Sesa Goa, Jaiprakash Associates, Ranbaxy Laboratories, Axis Bank and Punjab National Bank are also trading weak.
HCL Technologies, BHEL, Bank of Baroda, Ambuja Cements, IDFC, Bajaj Auto, DLF, Ultratech Cement, Asian Paints, Lupin, Cipla, BPCL, Grasim Industries, Cairn India and Reliance Infrastructure are all trading in positive territory, gaining 0.5% - 1.3%.
Oil India Limited shares are down 1.2% at Rs 520. After trading hours on Wednesday, the company said that Government of India will sell 6.01 crore shares constituting 10% of the total paid up capital of Oil India via Offer for Sale through the stock exchanges mechanism on Friday, 1 February 2013.
Power Finance Corporation is up 2.7% at Rs 212.60. The company has announced that its net profit rose 1% to Rs 1117 crore on 36% growth in total income to Rs 4466 crore in the October - December 2012 quarter, as compared to the year ago period.