The Indian stock market opened on a negative note this morning with investors tracking weak cues from Asian peers and pressing sales at several counters. Bank, capital goods and automobile stocks are trading weak, while select realty, information technology and oil stocks have edged higher.
FMCG, power, pharmaceuticals and metal stocks are mostly trading flat. Midcap and smallcap stocks are doing fairly well, outperforming the big ones.
The BSE benchmark Sensex, which declined to 18,600.66, is currently at 18,616.55, down 58.62 points or 0.31% from its previous closing mark.
The Nifty index of the National Stock Exchange is down 18 points or 0.32% at 5658.05.
Bharti Airtel is down 1.2% at Rs 257. Sterlite Industries, HDFC Bank, Coal India, BHEL, ICICI Bank, GAIL India, NTPC, Sun Pharmaceutical Industries and HDFC are trading lower by 0.4% - 0.8%.
Automobile stocks Tata Motors, Hero Motocorp, Maruti Suzuki, Bajaj Auto and Mahindra & Mahindra are trading weak.
Jindal Steel & Power is up by a little over 1% at Rs 421.70. Dr Reddy's Laboratories, Hindalco, Reliance Industries and ONGC are up with modest gains. Infosys, Wipro and Tata Steel are up marginally.
Asian Paints, IDFC, Sesa Goa, DLF, Punjab National Bank, Lupin, Kotak Bank and Ranbaxy Laboratories are trading weak.
Cement stocks Ambuja Cements, ACC, Jaiprakash Associates, Grasim Industries and Ultratech Cement are up in positive territory, gaining 0.3% to 1.2%.
Cairn India, HCL Technologies, BPCL and Axis Bank are also trading higher.
Kingfisher Airlines announced that the partial lockout declared on 1 October 2012 as a result of employee related issues would extend till 20 October 2012. The company has announced that it has appealed to the employees striking work to return to work so that the airline can share its resumption plan with DGCA and gain their concurrence. The airline says it is hoping to resume operations starting 21 October 2012. The stock is up 2.8% at Rs 11.80 at present.