After a weak start and a subsequent modest recovery, the market has faltered again following a fresh round of selling in several front line stocks. Weak global cues and caution ahead of the reporting season appear to be dragging down stocks.
The BSE benchmark Sensex is down 83.46 points or 0.43% at 18,855, while the broader 50-stock Nifty index of the National Stock Exchange is down with a loss of 29 points or 0.5% at 5717.95.
Oil, realty, capital goods, information technology and bank stocks are mostly trading lower. Automobile stocks are off their highs. Power and PSU stocks find modest support at lower levels. Pharmaceuticals stocks are trading firm. Select metal and FMCG stocks are also up in positive territory on modest buying support.
Reliance Industries, down 2.4% at Rs 836.70, is the most prominent loser in the Sensex. According to reports, the company has raised $1.5 billion through an overseas bond sale progamme over the weekend. Reports said that the company has raised $4 bn so far this year, with the first two being a $1.5-billion issue in February and another $1 billion issue in May.
BHEL has lost 2.1% on profit taking after recent sharp gains. Wipro is down by around 2%. Tata Power, Hindalco, State Bank of India, Larsen & Toubro and Infosys are trading lower by 1% - 1.8%.
ICICI Bank, Hero Motocorp, GAIL India, ONGC, HIndustan Unilever, Tata Motors and Coal India are also trading weak.
DLF is trading nearly 5% down. The stock is down following social activist Arvind Kejriwal accusing the company of favouring Robert Vadra, son-in-law of Congress chief and the UPA Chairperson Sonia Gandhi, with easy loans for some undue gains.
Ambuja Cements, Jaiprakash Associates, Reliance Infrastructure, Kotak Bank, Bank of Baroda, Punjab National Bank, ACC, Grasim Industries and Axis Bank are down 1% - 2.4%.
Sun Pharmaceutical Industries is traing more than 4% up. The board of directors of pharmaceutical company had approved the proposal of raising up to Rs 8,000 crore through domestic or international offerings, last week.
Cairn India, Asian Paints, Sesa Goa, IDFC, Lupin, Ultratech Cement, Ranbaxy Laboratories and Power Grid Corporation are trading higher.
In the currency market, the rupee depreciated by 25 paise to 52.10 per dollar in early trade today, due largely to the latter's gains overseas. The partially convertible Indian currency had ended at 51.85 against the dollar on Friday, losing 11 paise.