After opening on a fairly buoyant note, the Indian stock market retreated on stiff resistance at higher levels and is trading marginally down in negative territory now with investors treading somewhat cautiously after the previous session's impressive gains.
The Sensex, which rose to 18,832 in early trades, is now down 13.33 points or 0.07% at 18,731.60, after falling to around 18,703. The Nifty index of the National Stock Exchange, which declined to 5688.25 after surging to 5723.65, is now at 5688.75, slightly below its previous closing mark.
Information technology and oil stocks are trading weak, while shares from realty, banking, metal and consumer durables sectors are up in positive territory with notable gains.
Healthcare, capital goods, power, automobile and FMCG stocks are turning in a mixed performance. Midcap and smallcap stocks are finding modest support.
State Bank of India, up 2.2% at Rs 228, tops the list of Sensex gainers. GAIL India
and Coal India
are up by around 1.7% at Rs 326.50 and Rs 300, respectively. Sterlite Industries
, ICICI Bank
, Jindal Steel
& Power and Tata Steel
are trading higher by 1% - 1.2%. Hindalco
, Sun Pharmaceutical
Industries, Bajaj Auto
, Mahindra & Mahindra
are also trading firm. Ambuja Cements
, up 2.3% at Rs 184.60, is the top gainer in the Nifty index. HCL Technologies
is up 2.2%. DLF
, Bank of Baroda
, Sesa Goa
, Punjab National Bank
and Axis Bank
are up 0.5% - 1.5%. Reliance Industries
is down 2.3% at Rs 786.40 despite a surge in net profit for the quarter ended March 2013. The company announced after trading hours on Tuesday that its net profit jumped 31.9% to Rs 5589 crore on 1.4% fall in turnover to Rs 86,618 crore in the January - March 2013 quarter, as compared to the year ago period. RIL's gross refining margin edged up to $10.1 a barrel in the March 2013 quarter from $9.6 a barrel in the quarter ended March 2012. Tata Consultancy Services
and Dr Reddy's
Laboratories are trading lower by 1% - 1.4%. Grasim Industries
, Reliance Infrastructure
, Ranbaxy Laboratories
, Maruti Suzuki
, Tata Motors
, Hero Motocorp and ONGC
are also trading weak.