With investors mostly refraining from building up positions, the market, which gave up early gains and eased into negative territory, continues to move in a tight range in afternoon trade.
Capital goods, FMCG and bank stocks are trading weak. Healthcare, automobile, oil and metal stocks are finding fairly good support. IT, power and realty stocks are mixed.
The Sensex is at 19,754.57, down 29.51 points or 0.15% from its previous closing mark. The Nifty is down 11 points or 0.18% at 6005.15.
Maruti Suzuki is up 3.3% on expectations of strong results. Cipla is up nearly 3% and Cairn India is trading higher by a little over 2%. Hindalco, ONGC and Reliance Infrastructure are up by around 1.5%.
Shares of state run oil marketing firms, Hindustan Petroleum Corporation, BPCL and Indian Oil Corporation are trading stronger once again, amid hopes of a hike in diesel prices. BPCL and Indian Oil Corporation are trading higher by 4.5% and 2.2%, respectively, while Hindustan Petroleum Corporation is up with a gain of 5.5% now.
Sun Pharmaceutical Indsutries, Mahindra & Mahindra, Infosys, Bharti Airtel, Hero Motocorp, Wipro and Jindal Steel & Power are also trading notably higher.
According to reports the Suzlon Group has bagged two new orders from the United Kingdom. The company's U.K. subsidiary REpower UK, will be supplying wind turbines for a new wind farm at Wear Points in Pembrokeshire, South Wales, as well as the Avonmouth wind farm in south east England.
Larsen & Toubro, Hindustan Unilever, HDFC, Jaiprakash Associates, HDFC Bank and Coal India are down 1% - 1.6%. ACC, Tata Power, NTPC, Power Grid Corporation, Ultratech Cement, GAIL India, BHEL and Siemens are also trading weak.
IFCI (2.3%) has moved higher, extending previous session's gains. On the National Stock Exchange, around 35 million shares have been traded so far at the IFCI counter today.
According to a survey by CII, most of the respondents cited domestic dconomic developments, high interest rates, infrastructure bottlenecks and institutional issues as the key concerns. Reflecting the weak scenario, the CII Business Confidence Index dropped below the 50 points mark in the third quarter of the current financial year, stanging at 49.9, lower than a mark of 51.3 in the second quarter, and far down from 55.0 recorded in the first quarter of this fiscal.