Trading got off to a weak start on the Indian bourses this morning with investors indulging in some selling, tracking weak global cues. Uncertain economic outlook and caution ahead of key earnings reports and economic data are also contributing to the market's decline.
Bank, power, oil and capital goods stocks are trading weak. Realty stocks are also drifting lower. Pharmaceuticals and consumer durables stocks are trading firm, while metal, information technology and automobile stocks are trading mixed.
The Sensex, which declined to 18,865.97, is currently down 33.18 points or 0.18% at 18,905.28. The Nifty index of the National Stock Exchange is down 15.60 points or 0.27% at 5731.35, off an early low of 5719.50.
BHEL, a prominent gainer last week, is down 2% on profit taking. Tata Power is trading lower by about 1.6%, while Wipro, Hindalco and Reliance Industries are down 1% - 1.2%.
State Bank of India, ICICI Bank, Larsen & Toubro, GAIL India, Hero Motocorp, HDFC Bank and Hindustan Unilever are also trading weak.
Realty stock DLF is down more than 3%, after plunging nearly 5% in early trade. The stock is down following social activist Arvind Kejriwal accusing the company of favouring Robert Vadra, son-in-law of Congress chief and the UPA Chairperson Sonia Gandhi, with easy loans for some undue gains.
In a clarification DLF, has rejected the allegations and said that it had given Rs 65 crore as business advances out of which Rs 15 crore was fully refunded and Rs 50 crore was used for purchase of land.
Ambuja Cements, Kotak Bank, Reliance Infrastructure, Axis Bank, ACC, Punjab National Bank, Grasim Industries, Bank of Baroda and Jaiprakash Associates are down with sharp to moderate losses.
Sun Pharmaceuticals Industries is trading stronger by about 2.5%. Cipla, IDFC, Bharti Airtel, Maruti Suzuki, BPCL, Bajaj Auto and Asian Paints are up 1% - 1.8%.
Jindal Steel, Sesa Goa, Lupin, Ranbaxy Laboratories, Dr Reddy's Laboratories, HDFC, Tata Consultancy Services and Cairn India are also trading firm.