The market has turned quite sluggish this afternoon after showing some strength earlier in the day. With no big triggers to warrant strong buying, investors appear a bit wary of holding positions at higher levels. Also, with the reporting season about to start, traders seem not too keen on taking big bets for now.
Also, worries about the economy following the prime minister warning that economic growth could fall below six percent in the current year, appear to be weighing on sentiment.
FMCG, consumer durables and information technology stocks are trading weak. Select automobile stocks continue to trade firm. A few stocks from realty, healthcare, oil and banking sectors are up in positive territory with notable gains.
Tata Motors, up 4.5%, stays firm thanks to sustained buying at the counter. GAIL India is up by a little over 2%. Coal India is up 1.7% on restructuring proposals. Mahindra & Mahindra, State Bank of India, Bharti Airtel and Sun Pharmaceutical Industries are also trading notably higher. Reliance Industries, Dr Reddy's Laboratories, Tata Power, Maruti Suzuki, Cipla and ICICI Bank are up with modest gains.
Suzlon Energy has spurted nearly 7%. Havells India is trading 4.8% up. HDIL, Lanco Infratech, Indiabulls Financial Services, Dish TV India, Shriram Transport Finance, Mphasis, MRF, Max India, JP Power, Jain Irrigation Systems and Jet Airways are up 2% - 5%.
According to the data released by the Society of Indian Automobile Manufacturers, domestic car sales declined 12.51% to 141,083 units in December last year compared to 161,247 units in the same month in 2011.
Motorcycle sales went up by 4.83% to 844,113 units in December 2012, from 805,198 units in December, 2011. Total two-wheeler sales in December, 2012 rose by 4.45% to 1,137,148 units from 1,088,746 in December, 2011.
Sales of commercial vehicles were down by 13% to 62,786 units from 72,166 units in the same period in 2011, the report revealed, and total sales of vehicles across categories registered an increase of 2.77% at 1,451,517 units last month as against 1,412,372 units in December 2011.