Sensex falters after smart recovery

After a smart recovery that saw the Sensex rebounding into positive territory, the market has tumbled once again this afternoon with stocks facing stiff resistance at higher levels. A weak close in most of the markets in the Asian region and a negative trend on the European bourses, amid rising concerns about the European economy appear to be forcing investors to refrain from indulging in any strong buying.

Also, with quarterly numbers from India Inc set to pour in from Thursday, and the crucial data on industrial production too due later this week, investors are mostly seen staying away on the sidelines today.

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The Sensex, which rallied to 15,871.51, is now down 49.89 points or 0.32% at 15,798.91. At 4738.95, around 20 points off the day's high of 4758.70, the Nifty is now down 7.95 points or 0.7% from its previous closing mark.

Oil, automobile and FMCG stocks are among the prominent losers. Metal, information technology and bank stocks are mostly trading flat. Select power, realty, capital goods and healthcare stocks are trading higher. PSU stocks, which had a good spell earlier in the day, are drifting down from their highs due to lack of support.

Bharti Airtel is down 2.8% at Rs 321.75. State Bank of India, Bajaj Auto, Coal India, Tata Motors, Hindustan Unilever, Reliance Industries and Wipro are trading lower by 1% - 2%. HDFC, GAIL and Tata Steel are also trading notably lower.

BHEL, Cipla and Jindal Steel are trading firm, gaining 1.8% - 2.6%, on strong buying support. Tata Power is up with a gain of 1.2%. Maruti Suzuki, HDFC Bank and DLF are also up with smart gains.

Nifty stocks IDFC, Reliance Power, Siemens, Power Grid Corporation, SAIl and Reliance Infrastructure are up with sharp to moderate gains. Sesa Goa, BPCL and Cairn India are down with notable losses.

Junior Nifty stock GMR Infrastructure is trading stronger by over 8.5% at Rs 24.80. Canara Bank, Mundra Port, HDIl, Mphasis, Glenmark Pharmaceuticals, IFCI, Bharat Electronics, Federal Bank, IDBI Bank, Indian Hotels, Bharat Forge and Shriram Transport Finance are also up with impressive gains.

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United Spirits, REC, Torrent Power, Power Finance Corporation, Lupin, Yes Bank, Aditya Birla Nuvo, Exide Industries, Adani Enterprises and Bank of Baroda are down in negative territory with notable losses.