After a weak start that resulted in a loss of nearly 180 points for it, the Sensex bounced back this morning to hit a high of 20,055.53, its best level in nearly 7 weeks, before it faltered into the red again on lack of support at higher levels.
At 19,226.12, the Sensex is now down 70.97 points or 0.35% from its previous close. The Nifty index of the National Stock Exchange is down 20.60 points or 0.35% at 5876.15, nearly 40 points down from the day's high of 5913.45.
The rupee is currently trading at 63.94 to the U.S. dollar.
The mood is slightly cautious following a series of strong upmoves. Though the rupee has come back strongly from its dismal lows against the greenback, and recent data on trade deficit somewhat encouraging, there are still concerns about the economy's near term prospects.
FMCG stocks, which had a good outing on Tuesday, are trading weak this morning. Oil, bank and power stocks are off their highs, with quite a few of them declining into negative territory. Automobile, information technology and healthcare stocks are trading mixed, while realty, metal and capital goods stocks are mostly trading firm.
Wockhardt is trading firm with a big gain of nearly 10%. Uco Bank, IRB Infrastructure, Karntaka Bank, Dena Bank, Financial Technologies, Oriental Bank of Commerce, NHPC, MCX and Pipapvav Defence are up 5% - 8%.