Amid alternate bouts of buying and selling at several counters, the Indian stock market is trading flat this afternoon. Despite positive global cues, investors appear reluctant to indulge in any significant buying today, probably choosing to wait for some clear direction from the domestic front.
The Sensex is up with a slender gain of 0.30 points at 19,439.78. Earlier, after rising to 19,505.93 in opening trades, it had declined to around 19,382. The Nifty is up 9.15 points or 0.16% at 5868.15.
Among the prominent gainers, Lupin is up more than 3.5%. NMDC, Kotak Bank and Ultratech Cement are trading higher by 2% - 2.6%. Tata Power is up nearly 2%, while Asian Paints, Jaiprakash Associates, HCL Technologies, State Bank of India and Sun Pharmaceutical Industries are up 1% - 1.6%.
Tata Steel is down with a loss of around 1.5% at Rs 257.80. Tata Steel registered hot metal production of 2.46 million tonne, a growth of 20% compared to same period last year, for the first quarter of the current fiscal. The crude steel production was 2.22 million tonne, up 22%.
Saleable steel production was higher by 23% to 2.14 million tonne, and sales increased by 26% to 2.01 million tonne in the quarter ended June 30, the company said.
Hindustan Unilever, BPCL, Tata Motors, Mahindra & Mahindra and Cairn India are down 1% - 1.8%. Hindalco, ONGC, ITC and DLF are also trading weak.
Rolta India gained 5% following an announcement from the company that it has bagged a multi-million dollar contract from Sadara Chemical Company (Sadara) to implement a comprehensive engineering system at its complex which will be the world's largest petrochemical facility ever built in a single phase. Rolta said, it got selected for this challenging project based upon its unique combination of world class capabilities in engineering and IT. The project will be managed by a global Rolta team working out of the United States, India and Saudi Arabia, and will be completed by late 2014, the company said.