Despite a fairly positive lead from Asian and European markets, the Indian stock market is having a highly choppy ride today. With investors not showing any keen interest in building up fresh positions, several stocks have been swinging between gains and losses since trade commenced this morning.
After a mild setback and a subsequent rise, the market faltered around mid afternoon. And now, after a modest recovery, the market has drifted down into negative zone once again amid some listless trades. The wild swings are more due to some hectic activity ahead of expiry of September series derivatives contracts.
The Sensex, which tumbled to 18,552.91 a little while ago, is currently at 18,570.36, down 61.81 points or 0.33% from its previous closing mark. The Nifty is down marginally at 5658.
HCL Technologies is up 3.2% amid strong volumes. Tata Power has come off the day's high of Rs 110.60. At Rs 105, the stock is up by a little over 2% now.
Larsen & Toubro, Mahindra & Mahindra, Maruti Suzuki, ITC, Hindustan Unilever and ACC are trading higher by 1% - 2%. Siemens and Tata Steel are up with modest gains.
SAIL is down with a loss of 3.3%. ONGC, Sesa Goa, Sterlite Industries, BHEL, Infosys, Reliance Industries, BPCL, Tata Motors, Cairn India, Tata Consultancy Services, Reliance Infrastructure, Hero Motocorp, Wipro, Jaiprakash Associates, ICICI Bank and Ranbaxy Laboratories are all down 1% - 2.4%.