The market, which retreated a bit after a firm start, lost further ground and slipped into negative territory subsequently as a section of investors chose to book some profits in some blue chip stocks. A somewhat subdued trend in Asian markets too appear to have contributed to the market's fall from higher levels.
At 18,662.20, slighty off the day's low of 18,648.81, the Sensex is now down 11.14 points or 0.06% from its previous close. The Nifty is down 10 points or 0.18% at 5659.60. Earlier this morning, the Sensex and Nifty had surged to 18,790 and 5702.20, respectively.
Metal, automobile, realty and bank stocks are mostly trading weak at present. Oil and PSU stocks too are trading lower. Power and capital goods stocks, which got off to a buoyant start, have given up most of their gains now.
Select FMCG, pharmaceuticals and information technology stocks are trading higher. Midcap and smallcap stocks are mostly subdued and the market breadth is almost neutral.
In the currency market, the rupee declined by 8 paise to 53.55 against the dollar in early trade on the Interbank Foreign Exchange today. On Monday, the rupee had ended at 53.47 against the greenback, posting a small loss.
Jindal Steel & Power is down more than 3% at Rs 431 on reports that the company has raised a bridge loan of Rs 660 crore to fund its CIC Energy acquisition. The company reportedly raised Rs 550 crore from Deutsche Bank and Rs 110 crore from First Rand Bank of South Africa for one year term.
Tata Steel is down with a loss of 1.8% and Sterlite Industries is trading lower by 1.4%, while Coal India and Hindalco are down 0.7% and 0.6%, respectively.
Tata Motors is down by a little over 2% at Rs 268. Maruti Suzuki is down with a loss of 1.9%, while Hero Motocorp and Bajaj Auto are trading lower by 1.1% and 0.6%, respectively.
ONGC, State Bank of India, HDFC Bank, ICICI Bank, Reliance Industries and Dr Reddy's Laboratories are also trading weak.
Cairn India is down 3.3% at Rs 334.80. Axis Bank, Adani Enterprises, Indiabulls Real Estate, GMR Infrastructure, IRB Infrastructure, Oberoi Realty, Jain Irrigation Systems, Essar Oil, Glenmark Pharmaceuticals and REC are down 2% - 3%.
Cipla is up with a strong gain of 2.8%. HDFC, HCL Technologies, Ranbaxy Laboratories, Kotak Bank, ITC, Grasim Industries and Tata Consultancy Services are up 1% - 1.6%. Hindustan Unilever, Ambuja Cements, Mahindra & Mahindra, GAIL India, Larsen & Toubro and ACC are also trading firm.