Due to sustained selling at several large and midcap counters amid lingering worries about the global economic situation, the market remains fairly deep down in negative territory this afternoon.
After a weak start and a subsequent fall to lower levels, the market showed some signs of a recovery earlier in the session, but faltered again due to lack of support.
Oil stocks have drifted down sharply. Stocks from information technology sector are trading weak following some disappointing economic data from the U.S. Capital goods, power, automobile and bank stocks are also mostly trading lower.
Realty stocks, which had a somewhat good spell earlier in the day amid hopes of a rate cut, are drifting lower now due to selling pressure. Healthcare and metal stocks are not faring and significantly better either. A few stocks from consumer durables and FMCG sectors are bucking the trend.
Jindal Steel, Maruti Suzuki, Reliance Industries and Infosys are trading lower by 2% - 2.6%. Tata Motors, ONGC, Larsen & Toubro, DLF, Wipro, HDFC Bank, Tata Consultancy Services, BHEL and GAIL India are down 1.5% - 2%.
Mahindra & Mahindra is down marginally at Rs 651. The company has announced that auto sales surge 28% to 43,988 units during May 2012 as against 34,323 units during May 2011.
The company’s domestic sales stood at 39,938 units during May 2012, as against 32,159 units during May 2011, an increase of 24%. The Passenger Vehicles segment registered a growth of 27%.
HDIL, Cairn India, Mangalore Refineries & Petrochemicals, Bank of Baroda, Ranbaxy Laboratories, Punjab National Bank, Indiabulls Real Estate, Zee Entertainment, Godrej Industries, Reliance Infrastructure and JSW Steel have also declined sharply.
TVS Motor Company has registered a decrease of 5.4% in total sales for the month of May, 2012, at 176,000 units during the month compared to 186,000 units sold in the same month of 2011. The stock is down 1.5% at Rs 33.50 at present.
According to the data released by the Trade Secretary, India's exports rose 3.23% year-on-year to $24.5 billion in April, while imports grew 3.83% on year to $37.9 billion. The figures are in line with the provisional numbers given on May 10 this year.
April's trade deficit was $13.5 billion, while oil imports rose 6.96% on year to $13.9 billion, data showed.
Indian exports rose an annual 21% to $303.7 billion in the 2011-12 fiscal year that ended in March, while imports rose 32.2% to $488.6 billion. The trade deficit for the full fiscal year was $184.9 billion.