The market is moving in a tight range amid lackluster trades this morning with investors waiting for the outcome of the policy meeting of the European Central Bank. Though there are expectations that the bank will announce some monetary easing to revive growth in that part of the continent, investors are highly reluctant to go on any strong buying today.
FMCG stocks, among the notable movers in the previous session, are trading weak this morning on profit taking. Capital goods, power, oil and automobile stocks too are mostly trading lower. Consumer durables stocks are also finding support hard to come by.
Select metal, realty and healthcare stocks are edging up a bit. Bank and information technology stocks are attracting buyers. Activity is mostly stock specific in midcap and smallcap sections.
Infosys is up nearly 3%. The stock is up on strong buying on the back of reports that the company is open to bigger acquisitions given the right opportunity. According to reports, Infosys is looking to ramp up its business in France and Germany, where it would consider buying local operators, and in the healthcare and life sciences industries, where it is a small player.
Wipro is trading higher by 3.2% at Rs 373.70 and Tata Consultancy Services is up with a gain of 0.8% at Rs 1372. Hexaware Technologies, Financial Technologies, Tech Mahindra, HCL Technologies, MindTree, Polaris, Oracle Financial Services, HCL Infosystems and Mphasis are also up with smart gains.
BHEL, trading ex-dividend, is down nearly 3% at Rs 202. Bharti Airtel is trading lower by 2.5% due largely to profit taking after the previous session's strong upmove. ITC, Hero Motocorp, Tata Motors, Mahindra & Mahindra, Bajaj Auto, Hindustan Unilever and Reliance Industries are down with notable losses.
Adani Ports, Central Bank of India , IDFC, Indiabulls Financial Services, Power Grid Corporation and Gujarat State Petronet are down 2% - 3.5%. Power Finance Corporation, HDIL, Pantaloon Retail, Canara Bank, Cairn India, Alstom T&D and Grasim Industries are also trading weak.
Torrent Power, JSW Energy, Motherson Sumi, IPCA Laboratories, MMTC, Indiabulls Real Estate, Neyveli Lignite Corporation, Strides Arcolab, Engineers India, Sun TV Network, Opto Circuits, Britannia Industries and Ambuja Cements are up 1.5% - 4%.
JSW Steel Limited has reported monthly crude steel production of 7.63 Lacs for August 2012 with a growth of 15 % compared to that of corresponding month in the last fiscal year. The company achieved crude steel production of 35.82 lacs tons in the first five months of current financial year, showing a growth of 22% over the corresponding period of last year. The stock is trading marginally up at Rs 657 at present.
In the currency market, the partially convertible Indian rupee edged up marginally against the U.S. dollar to 55.85, gaining 6 paise. On Wednesday, the rupee had closed at 55.91 against the greenback, losing 25 paise.