Despite coming off its early lows, the market continues to languish in negative territory past mid morning, due to sustained selling in some front line stocks from capital goods, information technology, power and oil sectors. Bank and realty stocks are mostly subdued, although they are trading off their lows.
Metal stocks are finding some support after a weak start. Automobile stocks are trading firm. Select stocks from consumer durables and FMCG sectors are up with smart gains. A few stocks from the healthcare space too have moved up.
The Sensex, which had tumbled to 18,736.45 in early trades, is now at 18,851.76, down 50.65 points or 0.27% from its previous closing mark. The Nifty index of the National Stock Exchange is down 23.10 points or 0.4% at 5737, more than 40 points off the day's low of 5693.95.
Tata Power is down nearly 2% due to sustained selling at the counter following weak results. GAIL India, Larsen & Toubro and ICICI Bank are down 1.2% to 1.6%.
Infosys, Reliance Industries, HDFC, Hero Motocorp, ONGC and Tata Consultancy Services are trading lower by 0.3% - 1%.
IPCA Laboratories is down more than 5%. Sun TV Network, Cadila Healthcare, Lanco Infratech, Jain Irrigation Systems, Siemens, HDIL, Reliance Power, Ashok Leyland, Eicher Motors, Oberoi Realty and Cairn India are down 1.5% - 3%.
Tata Motors is up with a strong gain of 4.8% thanks to impressive quarterly results. Sun Pharmaceutical Industries is trading 1.7% up and Bharti Airtel is trading higher by about 1.2%. Mahindra & Mahindra, Hindalco, Cipla, Coal India and Maruti Suzuki are up with modest gains.
Emami has jumped nearly 8% to Rs 616 on strong results. The company has reported a 17% jump (year-on-year) in its consolidated net profit at Rs 59 crore for the quarter ended September 2012, on the back of robust sales of various brands, including Boroplus and Zandu. Net sales of the company grew 18% at Rs 361 crore for the second quarter over the previous year, highest in past four quarters.
Biocon, Tata Global Beverages, L&T Finance Holdings, United Spirits, Pantaloon Retail, Castrol India, HDIL, Gujarat State Petronet and Essar Oil are up 2% - 4.4% now.
Kingfisher Airlines has reported a 61% surge in net loss, at Rs 753 crore for the second quarter of this fiscal, as compared to a net loss of Rs 468 crore during the corresponding quarter in the previous fiscal.
The total Income has plummeted by almost 8 times to Rs 200 crore from Rs 1,552 crore a year ago. The operating loss for the quarter was at Rs 202 crore, and due to adjusting for finance cost of Rs 401 crore, a one-time cost of Rs 448 crore due to re-delivery of cost and restructuring, the net loss is at Rs 753 crore. The stock is trading 0.5% down at Rs 12.80 at present.
In the currency market, the rupee drifted down to 54.56 against the U.S. dollar in early trade this morning, losing as much as 36 paise. On Wednesday, the partially convertible Indian currency had ended up 23 paise at 54.20 against the greenback.