Due to sustained selling at several blue chip counters, amid concerns about near term economic outlook and weak global cues, the Indian stock market which opened lower this morning, continues to languish in negative territory.
At 18,629.48, more than 60 points off the day's low of 18,568.43, the Sensex is nodw down 75.05 points or 0.4% from its previous close. The Nifty index of the National Stock Exchange is down 20.40 points or 0.36% at 5621.20, off the day's low of 5604.85.
Automobile stocks are among the most prominent losers. Realty and bank stocks too are mostly down in negative territory. Consumer durables and oil stocks have come off their lows thanks to modest support. Power, FMCG, capital goods and metal stocks are trading mixed. A few blue chips from information technology and healthcare sectors are up with strong gains.
Apollo Hospitals Enterprises is up more than 5% on reports the company is in advance stage to acquire the Chennai-based Lifeline Hospitals. According to reports, Lifeline Hospitals chairman Dr J S Rajkumar has confirmed that his team was negotiating with the Apollo Hospitals.
Novartis jumped 10% after the company said it received a letter from Swiss drug firm Novartis AG, about their intention to reduce its holding to meet minimum public shareholding norm.
Aurobindo Pharma, Biocon
, Opto Circuits, Piramal Enterprises, Strides Arcolab
are trading higher by 1% - 5%. Cadila Healthcare
, Dr Reddy's
Laboratories and Ranbaxy Laboratories
are up with modest gains.
Among IT majors Infosys
(1.2%), HCL Technologies
(2%) and Tech Mahindra
(up nearly 3%) are up with strong gains. Mahindra Satyam
and Oracle Financial Services
are trading notably higher, while Financial Technologies
, Mphasia, Tata Consultancy Services
are trading weak.
In the automobile space, Hero Motocorp is down 2.7 percent, Tata Motors
is trading lower by 2.4%, Mahindra & Mahindra
is down with a loss of 2% and Bajaj Auto
is down 0.8%, while Maruti Suzuki
, faring slightly better, is down with a modest loss of 0.4%.
Cairn India, Bharti Airtel
, Jindal Steel
& Power, HDFC
, ICICI Bank
, Hindustan Unilever
, Tata Steel
, Reliance Industries
, Reliance Infrastructure
are down 1% - 2.4%. Ambuja Cements
, HDFC Bank
, Axis Bank
, State Bank of India
are also trading weak.
GAIL India, Hindalco
, Bank of Baroda
are up 2% - 2.4%. ONGC
, Sesa Goa
, Kotak Bank and Coal India
are also trading notably higher.