Sensex, Nifty drift lower on profit taking

Last Updated: Thu, Apr 11, 2013 07:20 hrs

The market has retreated from higher levels due to some strong selling in oil, power and metal stocks in early afternoon trade. FMCG, pharmaceuticals and capital goods socks are off their highs now.

Information technology, realty and bank stocks are trading firm. Automobile and capital goods stocks are trading mixed.

At 18,430.71, off the day's low of 18,397.94, the Sensex is now up 16.26 points or 0.09% from its previous close. The Nifty, which declined to 5542.85 from the day's high of 5610.60, is now down 2.95 points or 0.05% at 5555.75.

Reliance Infrastructure is down 3.7% at Rs 331.30. Bharti Airtel is trading lower by a little over 3%. Kotak Bank, HDFC, Grasim Industries and IDFC are down 2% - 2.8%.

NTPC, Mahindra & Mahindra, Reliance Industries, GAIL India, Punjab National Bank, Hindalco, Bank of Baroda, Bajaj Auto, Tata Steel, Power Grid Corporation and Dr Reddy's Laboratories are trading lower by 1% - 1.8%.

Tata Motors is trading firm with a gain of 3.6%. ICICI Bank is up 2.5% and Infosys is up by around 2%. Lupin, HCL Technologies, DLF, IndusInd Bank, Cipla, Ranbaxy Laboratories and Sun Pharmaceutical Industries are also trading firm.

Junior Nifty stocks Power Finance Corporation, Reliance Capital, United Breweries, Reliance Power, Petronet LNG, Bank of India, JSW Steel, Bharat Forge, Canara Bank, REC and SAIL are down 1.2% - 3%.

Reliance Communications is up nearly 2%. Glaxosmithkline Consumer Healthcare is trading 1.6% up and Dabur India is up nearly a percent. Cummins India, Colgate Palmolive, Shriram Transport Finance, Aditya Birla Nuvo and Crompton Greaves are also trading firm.

Kingfisher Airlines moved higher this morning on reports the company has sought approval from airlines regulator to restart operations. Under the plan, Kingfisher parent UB Group initially will invest Rs 650 crore for reviving the carrier. The carrier has submitted letters from private airport operators in India, parts suppliers, fuel companies and aircraft-leasing companies as part of a request for getting its airline license renewed.

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