Sensex down 63 points as stocks retreat after smart recovery

Last Updated: Wed, Apr 03, 2013 08:38 hrs
People walk pass BSE building in Mumbai

After showing good signs of a recovery and even looking like rebounding into positive territory in early afternoon trade, the market faltered amid a fresh round of selling in some blue chip stocks this afternoon.

With no big triggers to warrant any strong buying and the trend in European markets a bit bearish, the key Indian stock indices are down in negative territory at present.

At 18,977.53, the Sensex is now down 63.42 points or 0.33% from its previous close. The Nifty is down 17.20 points or 0.3% at 5730.90.

Automobile stocks are trading weak, with lower sales in March hurting sentiment. Capital goods and oil stocks, which saw some buying early on, are drifting lower now. Metal, FMCG and realty stocks are mostly subdued.Select power, healthcare, bank and information technology stocks are finding some support.

Tata Power has come off its high, but at Rs 98, remains fairly well placed in positive territory with an impressive gain of 2.85%. Sun Pharmaceutical Industries is up 2.2%. Jindal Steel & Power, NTPC, Maruti Suzuki, Reliance Infrastructure, Tata Steel, Ranbaxy Laboratories, Jaiprakash Associates and ICICI Bank are also up with notable gains.

Bharti Airtel, Bajaj Auto, Tata Motors, Mahindra & Mahindra, NMDC, Bank of Baroda, Ambuja Cements, Larsen & Toubro, GAIL India and DLF are down 1.2% - 3%.

Reliance Communications, which ended with a hefty gain on Tuesday after the company signed a deal with Mukesh Amban's Jio Infocomm, is trading nearly 6% up on strong volumes now. On the National Stock Exchange, the Reliance Communications counter has clocked a volume of nearly 34 million shares, valued at over Rs 226 crore today.

Reliance Capital, another ADAG stock, is up more than 3% on impressive volumes. Nearly 4.6 million shares have been traded so far at the Reliance Capital counter on the National Stock Exchange today.

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