The market, which staged a recovery following a weak start and traded in a tight band for over a couple of hours, has drifted lower now due to a fresh bout of selling pressure.
Capital goods stocks are among the most prominent losers. Oil, power, bank and reatly stocks too are mostly down in negative territory at present. Information technology and healthcare stocks are trading weak as well.
Automobile stocks are mostly steady. Select FMCG, consumer durables, metal and PSU stocks are finding some support. Activity is mostly stock specific in midcap and smallcap segments.
The Sensex is now down 90.80 points or 0.48% at 18,811.61. The Nifty is down with a loss of 36.20 points or 0.63% at 5723.90.
Capital goods index heavyweight Larsen & Toubro is trading lower by over 2%. Siemens, Praj Indsutries, Alstom T&D, Punj Lloyd, Havells India, Crompton Greaves and Bharat Electronics are also trading notably lower.
Tata Power is among the most prominent loser in the Power index. The stock is down 2.2% on weak results. Reliance Power, Reliance Infrastructure and Lanco Infratech are trading lower by over 2%. GMR Infrastructure is down with a loss of 3%. Adani Power, JSW Energy, Crompton Greaves and Power Grid Corporation are also down in negative territory on selling pressure.
GAIL India, Jaiprakash Associates, ICICI Bank, Bank of Baroda, Lupin, Infosys, HDFC, Grasim Industries, Reliance Industries, Axis Bank, IDFC, DLF, Cairn India and Hero Motocorp are down 1% - 2.8%.
Tata Motors is trading firm with a strong gain of 4.4% thanks to a smart surge in net profit for the quarter ended 30 September 2012. Bharti Airtel, Sun Pharmaceutical Industries and Asian Paints are up 1.5% - 2%. NTPC, BPCL, Wipro and ACC are up with modest gains.
GVK Power & Infrastructure Limited has announced that it has entered into an agreement for the Operation, Management and Development of Commercial Facilities at Denpasar International Airport, Bali, Indonesia. The stock is trading more than 2% down at Rs 12.80 at present.
IPCA Laboratories shares plunged sharply following an announcement from the company that it has noticed a few non-conformances at the Indore manufacturing unit during the course of the internal quality assurance review.
“During the course of the internal quality assurance review at its oral solid dosage formulations manufacturing facility situated at Pharmazone, SEZ Indore, Madhya Pradesh, it had noticed a few non-conformances at the said manufacturing unit,” Ipca Laboratories said in a filing.
Biocon is trading sharply higher, extending recent gains, following GE Capital acquiring nearly 8% in the company’s subsidiary Syngene.
On October 31, Biocon has signed an agreement with GE Equity International Mauritius, a subsidiary of GE Capital Corporation, which will make a primary equity investment in its research services subsidiary, Syngene International Limited (Syngene), Biocon said in a press release.
Meanwhile, the Union Cabinet has endorsed the recent decision by an inter-ministerial panel to impose a one-time spectrum charge on all mobile phone companies, a move that will give the exchequer a minimum of Rs 30,927 crore.