With investors not showing any interest in building up long positions, the market continues to exhibit weakness this afternoon and looks headed for a negative close.
Although losses were not any significantly sharp, most of the markets in the Asian region ended lower today, and the trend on the European bourses is a bit bearish, with the German, French and U.K. markets all trading notably lower.
The BSE benchmark Sensex is down 61.50 points or 0.29% at 20,836.51 at present. The Nifty index of the National Stock Exchange is down 19.20 points or 0.31% at 6198.65. Sesa Sterlite, Larsen & Toubro, Coal India, Mahindra & Mahindra, HDFC Bank, NTPC and Dr Reddy's Laboratories are down 1% - 1.6%.
IndusInd Bank, Kotak Bank, HCL Technologies, Lupin, Hero Motocorp, ONGC, ITC, Lupin and State Bank of India are also trading notably lower.
BHEL, NMDC, Jindal Steel & Power, GAIL India, Hindalco, BPCL, IDFC, DLF, ACC, Ambuja Cements, Tata Motors, Tata Consultancy Services, Ranbaxy Laboratories, Maruti Suzuki and Reliance Industries are up in positive territory with sharp to moderate gains.
Reliance Communications is trading 2.6% down at Rs 139. The company has raised 3G internet rate by 26%, and has reduced benefit on internet packages by up to 60%. The company has increased the cost of 1 GB of 3G internet usage to Rs 156 from Rs 123 it charged earlier.
The Rs 123 mobile internet pack on its 3G network will now offer only 400 MB of internet surfing, which is down by about 60%. Under the high value 3G mobile internet pack of Rs 246 and Rs 492, the company has reduced usage limit from 2GB to 1.5 GB and from 4 GB to 3 GB respectively.