Sensex down 28 pts as mood remains cautious

Last Updated: Tue, Jan 08, 2013 06:40 hrs

​Amid lackluster trades, the market, which opened on a cautious and weak note this morning due to lack of prominent triggers, continues to languish in negative territory.

The Sensex is down 28.12 points or 0.14% at 19,663.30, around 25 points off the day's low of 19,638.54. The Nifty index of the National Stock Exchange is down with a loss of 14.50 points or 0.24% at 5973.90.

Sun Pharmaceutical Industries, Dr Reddy's Laboratories, Cipla and Lupin are trading in positive territory, gaining 0.9% - 1.8%.

ITC is up 1.3%, HCL Technologies is trading nearly a percent up, and Reliance Infrastructure, Tata Consultancy Services, Bajaj Auto, Power Grid Corporation, HDFC, State Bank of India and ACC are up 0.5% - 0.8%.

IDFC, Larsen & Toubro, Hindalco, Jaiprakash Associates, Tata Steel, Sesa Goa, Axis Bank, Infosys, Ultratech Cement and BPCL are down 1% - 2% now.

ONGC, Jindal Steel & Power, GAIL India, Hindustan Unilever, Coal India, Hero Motocorp, Reliance Industries, Siemens, Bank of Baroda, ICICI Bank, Maruti Suzuki, Wipro and Asian Paints are also trading weak.

Telecom stocks are finding support following the decision of the empowered group of ministers to slash the reserve price for CDMA spectrum by 30% - 50%. Idea Cellular, Tata Teleservices and Reliance Communications moved up sharply on strong buying support.

Biocon is trading firm this morning following announcement from the company that it has received marketing authorisation from the Drugs Controller General of India for Novel Biologic Itoliumab, used for treating chronic plaque Psoriasis.

Bank of Maharashtra shares gained over 3%, hitting a new 2-year high in the process. The stock is up on the back of reports that the board of directors of the bank will meet on 10 January 2013, to consider a proposal to raise additional equity share capital up to Rs 200 crore via FPO/Rights issue/QIP.

GMR Infrastructure stock is down nearly 2% following the company terminating its contract with the National Highways Authority of India for building the Krishangarh-Udaipur-Ahmedabad Highway project.

In the currency market, the rupee rose 14 paise to 55.09 against the U.S. dollar, in early trades today. On Monday, the partially convertible Indian currency had ended at 55.23 to the dollar, recording a loss of 16 paise.

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