After opening on a firm note and trading in positive territory for about an hour, the market faltered and slipped into the red this morning with a section of investors taking some profits, cashing in recent strong gains.
The Sensex, which rose to 20,971 following a bright start, tumbled to around 20,831.17, and is currently at 20,870.29, down 12.60 points or 0.06% from its previous close.
The Nifty index of the National Stock Exchange is up 8.20 points or 0.13% at 6197.55, after declining to6176.70 from a high of 6318.95.
Activity is mostly stock specific at present with investors tracking quarterly results for some direction.
Federal Bank shares rose sharply following the bank reporting a near 5% jump in net profit to Rs 225.81 for the quarter ended 30 September 2013. Total income rose 11.57% to Rs 1857.84 crore in the September quarter from the year ago period.
The bank's ratio of gross non-performing assets to gross advances decreased to 3.39% as on 30 September 2013, from 3.51% as on 30 June 2013 and 3.83% as on 30 September 2012. The ratio of net NPAs to net advances stood at 0.98% as on 30 September 2013, as against 0.91% as on 30 June 2012 and 0.68% as on 30 September 2012.
Crisil Limited shares are up nearly 2% following the company reporting a net consolidated profit of Rs 116.81 crore for the September quarter, up 95.6% over the prior corresponding quarter.
Petronet LNG shares are down on weak results. The stock plunged 5% this morning after net profit fell 42% to Rs 182 crore (year-on-year) in the quarter ended 30 September 2013. Net sales grew 25.8% to Rs 9493 crore, due largely to higher prices of LNG during the quarter.
Motherson Sumi jumped more than 5% following an announcement from the company that it plans to issue fresh shares to existing shareholders. The board of directors of the company will meet on November 1, 2013, to consider issue of bonus shares to exisiting shareholders.