Swinging between gains and losses amid alternate bouts of buying and selling, the market, which declined earlier this morning, has come off its lows and is currently trading marginally up.
With political uncertainty weighing on sentiment, and not any significantly positive triggers around to warrant any strong buying, movements are quite sluggish so far on the Indian bourses this morning. Also, with a couple of holidays ahead, investors are treading quite cautiously at present.
Oil and realty stocks are among the prominent losers. Capital goods stocks too are mostly trading weak. Bank, automobile, PSU, information technology and metal stocks are trading mixed. Healthcare stocks are finding modest support, while FMCG stocks are outperforming the broad market.
GAIL India is down by over 3% at Rs 304, on reports that Tamil Nadu government has blocked work on Kochi-Bengaluru gas pipeline.
DLF is down with a loss of 2%. Reliance Infrastructure, Siemens, Tata Steel, Reliance Industries, Ambuja Cements and Ultratech Cement are trading lower by 1% - 1.8%. Larsen & Toubro, Maruti Suzuki, Lupin, IDFC, ONGC, Tata Power, Punjab National Bank, Mahindra & Mahindra and State Bank of India are also trading notably lower.
Pantaloon Retail gained over 3% in early trades today after the Future Group Company said that it has sold its partial stake in the general insurance business of Future Generali. “Pantaloon Retail (India) has signed a non-binding term sheet with L&T for merger of its insurance joint venture company Future Generali India Insurance Company with L&T General Insurance Company and sale of partial stake to L&T and its other joint venture partner Participatie Maatschappij Graafschap Holland NV in the merged entity,” Pantaloon Retail (India) said in a filing to the exchanges.
L&T Finance Holdings would buy Pantaloon Retail’s 50 per cent stake in Future Generali, Future Group’s general insurance joint venture with Italy-based Generali Group, for an estimated Rs 560 crore, according to reports.