After a fall from higher levels and a subsequent recovery, the Indian stock market faltered this morning with investors mostly treading cautiously, tracking weak global cues. Lingering concerns about the eurozone economy, political uncertainty back home and worries about economic slowdown are forcing investors to press some sales.
Also, with some holidays ahead and the reporting season just a few sessions away, investors are quite reluctant to indulge in any aggressive buying.
The BSE benchmark Sensex, which advanced to 18,689.60 in early trades, declined to 18,612.37 subsequently and is currently down 50.91 points or 0.27% at 18,630.51.The Nifty index of the National Stock Exchange is down 10.90 points or 0.19% at 5622.95.
Oil, realty, consumer durables and bank stocks are trading weak. Select FMCG and metal stocks are up in positive territory with notable gains. Healthcare, information technology, capital goods and automobile stocks are trading mixed. Midcap and smallcap stocks are mostly subdued at present.
GAIL India is down nearly 2.5%. Reliance Industries is down by a little over 1.5% and ONGC is trading lower by 1.4%. Maruti Suzuki, Mahindra & Mahindra, Cipla, Dr Reddy's Laboratories, Wipro, HDFC Bank, Tata Steel, Bharti Airtel, State Bank of India, ICICI Bank, Larsen & Toubro and Infosys are down 0.3% - 1%.
Coal India is up more than 1.5%. Coal India Limited's board has approved a proposal to convert the loan and current account balance granted to BCCL, its 100% subsidiary, aggregating to Rs 2539 crore into 5% non-convertible, redeemable cumulative preference shares as recommended by the Audit Committee of CIL. The board also approved to amend the memorandum of association and articles of association of BCCL to facilitate the above.
Ranbaxy Laboratories, HCL Technologies, HDFC, ITC and Cairn India are up 1% - 1.4%. Bank of Baroda, Hindustan Unilever, NTPC, Tata Consultancy Services, Asian Paints, Sesa Goa and Power Grid Corporation are up with modest gains.