Sensex down 54 points as stocks face resistance at higher levels

Last Updated: Wed, Jun 26, 2013 09:44 hrs

The market, which managed to hold in positive territory despite moving in a listless manner for a better part of the afternoon till about a few minutes ago, has slipped into the red now following a bout of selling pressure.

Though global markets have bounced back after recent losses, the mood back home is quite cautious today with investors looking for some clear direction for the near term.

The Sensex is down 54.45 points or 0.3% at 18,574.70. The Nifty is down 20.55 points or 0.37% at 5588.55.

GAIL India, Hero Motocorp, Tata Consultancy Services, Asian Paints, Power Grid Corporation and NTPC are up 2.5% - 4.5%. HCL Technologies, Axis Bank, BPCL and DLF are also up with strong gains.

Bharti Airtel is down more than 5.4%. Kotak Bank, Mahindra & Mahindra, Ranbaxy Laboratories, Tata Motors and IndusInd Bank are down 3% - 4.3%. IDFC, Ambuja Cements, Hindalco and Jindal Steel & Power are also down sharply.

According to reports, the Tamil Nadu government has said that it is planning to buy 5% stake in Neyveli Lignite Corporation. In a letter to the Prime Minister, Tamil Nadu Chief Minister J Jayalalithaa reportedly said that issue of disinvesting of 5% of Government of India’s equity in Neyveli Lignite Corporation has been in the air for a number of years. It may be recalled that the Cabinet Committee on Economic Affairs (CCEA) cleared the proposed disinvestment in NLC last week. NLC is currently trading at Rs 55, up 0.7% from its previous closing price.

ING Vysya Bank will be raising around Rs 900 crore through QIP route. The bank will issue 1.43 crore equity shares at a floor price of Rs 624.5 and may offer a discount of not more than 5 per cent to the floor price. The stock is down marginally at Rs 606 at present.

More from Sify: