The market, which opened lower on profit taking, continues to languish in the red in mid morning trade, as selling continues at several front line counters. Automobile, information technology, FMCG and realty stocks are trading weak. Metal and oil stocks are also seen struggling for support.
Power and healthcare stocks are trading firm. Bank, capital goods and consumer durables stocks are trading mixed.
The Sensex is now down 61.54 points or 0.32% at 18,979.41. The Nifty is down 17.70 points or 0.31% at 5730.40.
Bharti Airtel is down more than 3%. Bajaj Auto, Tata Motors, Hero Motocorp and Mahindra & Mahindra are trading lower by 1% - 1.8%. HDFC , Hindustan Unilever, Coal India, State Bank of India, ONGC, Larsen & Toubro, GAIL India and Sterlite Industries are also trading weak.
HCL Technologies has announced that it is collaborating with North Carolina New Schools to create and promote science, technology, engineering and math (STEM) programs and get college students
readyfor the 21st century workforce. According to the deal, HCL will design an online technology hub which will serve as a central gathering place for featured content and discussion between teachers, principals, school staff, students, counselors, college liaisons, district office superintendents and NC New Schools administration staff. NC New Schools will leverage HCL's services for content creation and management of its collaborative, online community offering access to tools and resources required to accelerate systemic, sustainable innovation in schools. HCL Technologies is currently trading marginally down at Rs 791.
Tata Power has rallied to Rs 100.40, gaining as much as 5.3%. Sun Pharmaceutical Industries is up 2.7% at Rs 875. BHEL, Cipla, Jindal Steel & Power, NTPC and ICICI Bank are up 1% - 1.6%. Tata Steel, Maruti Suzuki and GAIL India are up marginally.
Ashok Leyland has announced that sales declined 2% in March at 14,020 units. The commercial vehicles sales declined by 20% in March 2013 to 9,695 units as against 12,055 units in March 2012. During the period April-March 2012-2013, total sales grew by 12.3% to 1,14,612 units from 1,01,990 units sold in the same period of the previous year, the company said. The stock is trading flat at Rs 22.40.
Reliance Communications is up 4.8% at Rs 66.40, extending previous session's gains, after Mukesh Ambani led Reliance Jio Infocom signed a Rs.1200crore agreement with Reliance Communications. On Monday, the RComm stock spurted 14%.
MTNL is up 1.5% at Rs 21.40 following an announcement from the company that it has raised Rs 1005 crore from non-convertible debentures on private placement basis.