Stocks drifted lower in early trades on the Indian bourses on Wednesday, with investors pressing sales, tracking weak cues from Asian markets. Though Wall Street ended on a firm note overnight, caution ahead of the outcome of a crucial US Federal Reserve meet appears to be prompting investors to refrain from any significant buying in opening trades.
Oil, PSU, automobile and information technology stocks are trading weak. Bank, power and FMCG stocks are also mostly subdued. Select healthcare, metal, realty and capital goods stocks have surged higher.
The BSE benchmark Sensex
is down 85.85 points or 0.45% at 19,137.43 at present. The Nifty
index of the National Stock Exchange is down with a loss of 18.80 points or 0.32% at 5794.80.
NTPC, down 1.8% at Rs 144.40, is the most prominent loser in the Sensex. ONGC
is trading 1.2% down at Rs 304. Tata Motors
, Tata Consultancy Services
, Coal India
, ICICI Bank
, Mahindra & Mahindra
, Maruti Suzuki
are trading lower by 0.4% - 1%.
BPCL, Ultratech Cement, Grasim Industries
, Power Grid Corporation
and Axis Bank
are also trading weak.
IDFC is up more than 2% at Rs 145.70. Jindal Steel
& Power is up nearly 2% and Bharti Airtel
is up 1.2%. BHEL
moved to Rs 182.30, gaining nearly a percent following an announcement from the company that it as bagged a contract worth Rs 450 crore for renovation and modernisation of a 210 MW thermal unit in Maharashtra.
Reliance Infrastructure, Ranbaxy Laboratories
, Hero Motocorp, Sesa Goa
, Kotak Bank, Ambuja Cements
, GAIL India
, Punjab National Bank
and Tata Steel
are also trading notably higher.
Reliance Communications (up nearly 3% at Rs 127.70) has rallied sharply on strong volumes. On the National Stock Exchange, nearly 8.5 million shares have changed hands so far at the Reliance Communications counter this morning.