Trading got off to a weak start on the Indian bourses this morning, with investors pressing sales in several front line stocks, tracking weak global cues. Besides worries about near term economic outlook, caution ahead of a long weekend is also contributing to the subdued trend in the market.
Realty, consumer durables and automobile stocks are among the notable losers in opening trades. Shares from banking, FMCG and oil sections are also trading weak.
Information technology stocks have edged up a bit. Select pharmaceuticals, metal and capital goods stocks have also moved up. Power stocks are mostly trading flat. Midcap and smallcap stocks have opened on a mixed note.
The BSE benchmark Sensex is down 73 points or 0.4% at 18,631.53 at present. The Nifty index of the National Stock Exchange is down with a loss of 16.50 points or 0.31% at 5625.10, off a low of 5619.25 it touched a little while ago.
Tata Motors is down 2.6% at Rs 268. Hero Motocorp and Maruti Suzuki are trading lower by 1.6% and 1.2%, respectively. Mahindra & Mahindra is down with a loss of around 0.4%, while Bajaj Auto is up in positive territory with a modest gain.
Bharti Airtel has lost a little over 2%. HDFC, Reliance Industries, Dr Reddy's Laboratories, Jindal Steel & Power, Tata Steel, State Bank of India and ICICI Bank are down 0.5% - 1%.
DLF is down by around 2.6%. Cairn India is trading 2% down. Siemens, Axis Bank, Reliance Infrastructure, Jaiprakash Associates, Punjab National Bank and ACC are also trading notably lower.
GAIL India has moved up by over 2%. HCL Technologies is up almost 2% on reports the company has bagged a multi-year infrastructure management services contract, worth around US$100 million, from US-based automaker Ford Motor Company.
Ambuja Cements, Lupin, IDFC and Infosys are trading higher by 1.2% - 1.6%. Ranbaxy Laboratories, Cipla, Coal India, Larsen & Toubro, Sesa Goa, Power Grid Corporation, Hindalco, Kotak Bank and BHEL are up 0.4% - 1%.