Sensex down more than 100 points as stocks drift lower again

Last Updated: Fri, Oct 12, 2012 08:30 hrs

The market, which opened on a weak note this morning, but rebounded into positive territory post release of the industrial production data for August, faltered again due to a fresh round of selling at several front line counters and is currently trading moderately lower.

Information technology major Infosys continues to trade weak due to sustained selling pressure following another weak earnings forecast by the company.

The Sensex is now down 102.90 points or 0.55% at 18,701.85 and the Nifty is down with a loss of 25.30 points or 0.44% at 5682.75.

Infosys, which declined to Rs 2317 in early trades, is currently at Rs 2401, still fairly deep down in negative territory with a loss of over 5%.

Wipro is down 1.6% at Rs 354. Tata Consultancy Services and HCL Technologies have rebounded into positive territory after early weakness and are currently trading higher by 1% and 1.3% at Rs 1302 and Rs 585, respectively. Mpahsis is also trading higher, while Tech Mahindra and Oracle Financial Services are down with modest losses.

Automobile, bank and FMCG stocks are mostly trading flat. Oil and capital goods stocks are also seen struggling for support. Power stocks have edged up a bit. Metal, realty, healthcare and consumer durables stocks are fairly steady on modest buying support.

Among automobile stocks, Bajaj Auto, Hero Motocorp and Tata Motors are trading weak, while Maruti Suzuki and Mahindra & Mahindra are up with modest gains. Ashok Leyland is down marginally.

Among the stocks in the Bankex, HDFC Bank is up 1.4%, State Bank of India is up marginally and ICICI Bank is down with a loss of around 0.6%. Bank of India, Federal Bank, Canara Bank, IndusInd Bank, IDBI Bank, Punjab National Bank and Union Bank of India are trading notably higher, while Axis Bank, Kotak Bank and Yes Bank are trading weak.

Healthcare stocks Apollo Hospitals, Aurobindo Pharma, Biocon, Cadila Healthcare, Divi's Laboratories, IPCA Laboratories, Lupin, Ranbaxy Laboratories and Wockhardt are up 1% - 5%. Dr Reddy's Laboratories, Opto Circuits and Sun Pharmaceutical Industries are trading weak.

BHEL, Bharti Airtel, HDFC and ONGC are trading lower, while GAIL India, Sterlite Industries, NTPC, Tata Power, Tata Steel, Jindal Steel & Power, HIndalco, Hindustan Unilever and Larsen & Toubro are trading in positive territory.

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