Sensex down 86 points as stocks drift lower in early trade

Last Updated: Fri, May 03, 2013 04:21 hrs
Workers pull a hand-cart in front of the Bombay Stock Exchange (BSE) building in Mumbai

It's a weak start for stocks on the Indian bourses this morning, with investors pressing sales at several counters, presumably hurt by the central bank's warning that scope for further monetary easing is somewhat limited.

Ahead of RBI's monetary policy review, bank and automobile stocks are trading weak and are among the notable losers at present. Realty stocks are also mostly subdued at present. PSU, oil and power stocks are off to a weak start as well.

Information technology, consumer durables and metal stocks have edged up a bit. A few stocks from healthcare and FMCG sectors have also moved higher.

The BSE benchmark Sensex is down with a loss of 86 points or 0.43% at 18,649.77.
The Nifty index of the National Stock Exchange is down 25.90 points or 0.43% at 5973.45.

Tata Motors is trading lower by 1.6%. Mahindra & Mahindra, Bajaj Auto, Hero Motocorp and Maruti Suzuki are down 0.5% - 1.2%.

Banking sector heavyweights ICICI Bank, State Bank of India and HDFC Bank are down 0.6% - 1.2% from their previous closing levels. Housing finance stock HDFC is trading lower by 1.2%.

Bank of Baroda, Reliance Infrastructure, Jaiprakash Associates, BPCL, IDFC and IndusInd Bank are down 1% - 1.6%. GAIL India, Larsen & Toubro, BHEL, ITC, Coal India and Reliance Industries are also trading weak.

Telecom stock Bharti Airtel, which declined in the previous session following disappointing quarterly results, is up in positive territory this morning, gaining about 2.3% to Rs 325.

HCL Technologies is trading 1.7% up. ACC and Ambuja Cements are up 1.5% and 1.2%, respectively, with investors picking up the stocks ahead of results. Grasim Industries has notched up a gain of 0.8% and Ultratech Cement is trading 0.3% up.

NTPC, Lupin, Infosys, Cairn India, Jindal Steel & Power, Hindustan Unilever and Tata Consultancy Services are up with modest gains.

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