After a slightly positive start and a subsequent retreat to lower levels, the Indian stock market remains marginally down in negative territory this morning.
Besides some disappointing quarterly results, especially from cement manufacturers, a below normal monsoon forecast is weighing on the market.
The Sensex is down 21.54 points or 0.1% at 22,855 now. Earlier, it rose to a new high at 22,939.31. The Nifty index of the National Stock Exchange, which scaled a new high at 6869.85 in early trades, is currently down 12.90 points or 0.19% at 6827.90.
Bank stocks, which opened notably higher, have shed a substantial portion of their early gains. Select metal and consumer durables stocks are also up with notable gains.
Information technology, cement, FMCG and oil stocks are trading weak. Realty stocks have surged higher, while pharmaceuticals, capital goods and automobile stocks are turning in a mixed performance.
ITC, Reliance Industries, Hindustan Unilever, NTPC, Cipla, Larsen & Toubro, GAIL India, Tata Consultancy Services, Bajaj Auto, Maruti Suzuki, Hero Motocorp, Wipro and Sun Pharmaceutical Industries are down 0.5% - 1.5%.
Mahindra & Mahindra is up 2.7% at Rs 1065. HDFC, Dr Reddy's Laboratories, BHEL, Tata Steel, State Bank of India and Bharti Airtel are higher by 1.2% - 2%. Axis Bank, ICICI Bank, Tata Motors, Sesa Sterlite, Coal India and Hindalco are up with modest gains.
Cairn India is down nearly 5% on weak earnings guidance. Mangalore Refinery & Petrochemicals is down by a little over 5%. ACC, Ambuja Cements, Ultra Tech Cement, Ramco Cements, Suzlon Energy, South Indian Bank, Petronet LNG, JSW Energy, BPCL, Hindustan Petroleum Corporation, Apollo Tyres, Wockhardt, Indraprastha Gas and Asian Paints are down 2% - 3.5%.
Future Retail, up 10.6% at Rs 133, is the top gainer in BSE 'A' Group. HDIL and Indiabulls Real Estate are up 5.7% and 5.5%, respectively.
Strides Arcolab is up 5.3% at Rs 490.65 following an announcement from the company that its Oral Dosage Forms manufacturing site (KRS Gardens) in Bangalore was recently inspected by the USFDA as part of GMP compliance audit and the facility continues to be approved. The last US FDA inspection and approval for this facility was in the year 2011, Strides Arcolab said in a statement.
Oriental Bank of Commerce, Yes Bank, Indian Overseas Bank, Allahabad Bank, Syndicate Bank, IRB Infrastructure, Max India and DLF are up 2% - 4.5%.