With investors not showing any big interest in lapping up stocks due to a subdued close on Wall Street overnight amid a slew of disappointing results, the Indian stock market got off to a weak start this morning.
With several top notch companies slated to come out with their quarterly earnings reports this week, the mood is quite cautious at present. Some volatility is likely ahead of expiry of October series derivatives contracts, but then, activity is most likely to remain stock specific with quarterly numbers providing some direction.
The BSE benchmark Sensex, which declined to 18,758.42 after a slightly positive start, is currenty down 14.80 points or 0.08% at 18,778.64. The Nifty index of the National Stock Exchange is down 6.60 points or 0.12% at 5710.55.
Capital goods stocks are trading higher, thanks largely to impressive quarterly results from sector heavyweight Larsen & Toubro. Select stocks from realty, banking, healthcare, pharmaceuticals, metal and PSU sectors are trading firm.
Power, oil, automobile, FMCG, information technology and consumer durables stocks are mostly subdued. Midcap and smallcap stocks are finding moderate support.
Extending overnight gains, Larsen & Toubro is trading firm, moving up by nearly 2% to Rs 1697 in early trades this morning. ICICI Bank is up 1.3% and State Bank of India is trading nearly a percent up.
Dr Reddy's Laboratories, Sterlite Industries, BHEL, Tata Steel, Hindalco, Hindustan Unilever, Wipro and Jindal Steel & Power are up with modest gains.
Cairn India is trading firm, gaining 1.3% at Rs 342.80. The company has announced that its consolidated net profit jumped 204.4% to Rs 2322.20 crore on 67.5% growth in revenue to Rs 4443.10 crore in the September 2012 quarter, over the corresponding quarter last year.
Lupin is up nearly 1.5%. IDFC, BPCL, Punjab National Bank, Sesa Goa, DLF, Ambuja Cements, Siemens and Axis Bank are also up in positive territory.
Infosys is down 0.7% at Rs 2368, after surging to Rs 2384 in opening trades. The IT major has announced that it has completed the acquisition of Lodestone Holding AG, a leading management consultancy based in Switzerland. The acquisition is in accordance with the terms set out in the agreement announced on 10 September 2012. The deal strengthens the management consulting capabilities of Infosys around the world, adding more than 750 experienced consultants and 200 clients in wide-ranging areas such as manufacturing and the automotive and life sciences industries.
Hero Motocorp is trading more than a percent down at Rs 1808. Kotak Bank, Sun Pharmaceutical Industries, ACC, ITC, Ultratech Cement, Tata Power, HCL Technologies, Coal India, HDFC Bank, Jaiprakash Associates and Power Grid Corporation are trading lower by 0.5% - 1%.
Idea Cellular is trading nearly 1.5% up this morning following the company reporting a 2.52% rise in consolidated net profit to Rs 240 crore on 3.44% fall in total revenue to Rs 5314 crore in the July - September 2012 quarter over the year ago period.