Sensex falters, down 46 points; Metal stocks decline sharply

Last Updated: Tue, Mar 11, 2014 06:11 hrs

After a shaky start and a subsequent upmove, the market has faltered again on fresh selling in some front line stocks this morning. The mood is quite cautious so far amid uncertainty about the near term outlook for the market following recent impressive surge.

The Sensex is down 46.48 points or 0.21% at 21,888.35 and the Nifty is down 17.70 points or 0.27% at 6519.55.

Bank and capital goods stocks, which started off on a high note, have shed most of their gains with some of the big ones from these sectors even drifting down in to the negative zone.

Oil, automobile and realty stocks are also off their highs. Information technology and power stocks are edging higher. Metal stocks are mostly down with notable losses, while healthcare and FMCG stocks are trading mixed.

Metal stocks Tata Steel (down 4.2%), Hindalco (down 3.7%), Sesa Sterlite (down 2.7%), NMDC (down 2.7%) and Jindal Steel & Power (down 2.6%) are down sharply.

Bank stocks Kotak Bank, IndusInd Bank, HDFC Bank, Bank of Baroda and Punjab National Bank are down 0.8% - 1.6%.

Mahindra & Mahindra, Sun Pharmaceutical Industries, Jaiprakash Associates, ACC, Maruti Suzuki, DLF, Reliance Industries, Hindustan Unilever, BPCL and ITC are also trading notably lower.

Tata Power is trading higher by over 2.5%. Wipro, HCL Technologies, Tata Consultancy Services, Infosys, Cipla, Dr Reddy's Laboratories, Lupin, Ranbaxy Laboratories, Ultra Tech Cement and Tata Motors are up 0.3% - 1.5%.

Prime Focus is up more than 3% at Rs 28.80 following an announcement from the company that its subsidiary Prime Focus Technologies has signed a definitive agreement to acquire US-based DAX.

Prime Focus Technologies has signed a definitive agreement to acquire DAX, a leading provider of cloud-based production workflow and media asset management applications to the entertainment industry for a base consideration of $9.1 million (Rs 56 crore) in a uniquely structured performance linked transaction. PFT through its US subsidiary will acquire all the assets of DAX for an upfront payment and with balance payable over 3 years such that cash flows from the North American operations will support the payment.

Engineers India is up nearly 4% at Rs 174 following an announcement from the company that its Board of Directors will meet on Saturday

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