The market is down marginally amid alternate bouts of buying and selling in front line stocks this afternoon. Profit taking after recent gains and weak Asian and European markets are contributing to the subdued trend.
Oil stocks are trading weak. Consumer durables, metal, information technology and healthcare stocks are mostly subdued. Automobile stocks are moving in a tight range. PSU, power, realty, bank and capital goods stocks are finding good support. A few stocks from the FMCG space too are trading higher after recent weakness.
Shares of state run banks are up sharply on strong buying support following the 25-basis points cut in Cash Reserve Ration. PSU bank heavyweight State Bank of India is up nearly 3%. Oriental Bank of Commerce is up more than 12%. Allahabad Bank, Bank of Maharashtra, Andhra Bank, Canara Bank, Central Bank of India , Corporation Bank, Dena Bank, IDBI Bank, Indian Bank, Indian Overseas Bank, Punjab National Bank, State Bank of Bikaner & Jaipur, State Bank of Mysore, Union Bank of India, United Bank of India, Syndicate Bank and Vijaya Bank are all trading higher by 4% - 8%.
Cairn India, Pantaloon Retail, Pidilite Industries, Hindustan Zinc, Cadila Healthcare, Glaxo Smithkline Consumer Healthcare, Godrej Consumer Products, DLF, Hindustan Copper, Marico, Dish TV India and Havells India are trading notably lower.
According to the data released today, soaring vegetable prices pushed up the retail inflation to double digits at 10.03% in August, up from 9.86% in the previous month. Prices of vegetables saw an increase of 20.79% during the month.
In the urban areas, the CPI rose to 10.19% during the month as compared to 10.10% in July. The retail price rise in rural areas worked out to be 9.90% during August up from 9.76% in the previous month.
The CPI for food and beverages section during August increased by 12.03%, clothing, bedding and footwear by 10.71% and fuel and light by 7.55%.