The market has regained some lost ground in early afternoon trade today, with investors going in for some selective buyhing at lower levels. Still, the mood, amid worries about near term economic outlook, remains quite cautious.
The Sensex, which declined to 18,947.32 earlier in the day, is currently at 19,023, down 17.95 points or 0.1% from its previous close. The Nifty index of the National Stock Exchange is down 6.50 points or 0.1% at 5741.60.
Power stocks are in demand. Mirroring sharp gains posted by key stocks in that space, the BSE Power index is now up more than 2%.
Healthcare, realty, bank and PSU stocks are finding some support. Bank, capital goods, information technology, oil and metal stocks are trading mixed, while FMCG and automobile stocks are subdued.
Tata Power rules firm with a strong gain of 4%. Sun Pharmaceutical Industries is up by around 2.3%. BHEL, Reliance Infrastructure, NTPC, Jindal Steel & Power, Maruti Suzuki, ICICI Bank, Cipla and Jaiprakash Associates are also trading firm.
Bharti Airtel is down more than 3%. Bajaj Auto and Tata Motors are trading lower by over 2%. Bank of Baroda, NMDC, Hindustan Unilever, Coal India, Ambuja Cements, Mahindra & Mahindra and HDFC are down 1% - 1.8%.
Junior Nifty stocks Idea Cellular, Mphasis, United Breweries, Glenmark Pharmaceuticals, United Spirits, Tech Mahindra, Bank of India, Canara Bank, Union Bank of India and Shriram Transport Finance are down 1% - 3%.
Reliance Communications is trading 4.5% up following the company striking a deal with Mukesh Ambani's Jio Communications. Reliance Power and Reliance Capital are up 3% and 1.3%, respectively.
Container Corporation, Glaxo Smithkline Pharmaceuticals, United Phosphorus, Colgate Palmolive, Dabur India and Federal Bank are also up with notable gains.
MOIL is up more than 3% following the company hiking prices by 9% across its product basket for the April-June quarter. “In line with MOIL's business practice of quarterly revising the prices of manganese ore, the prices of each grade of manganese ore has been increased for the quarter April-June, 2013 by 9% over the prices for Jan-March, 2013,” the company said in a filing to the stock exchanges.
Adani Power Limited shares skyrocketed this morning on reports the power sector regulator has allowed the company for a compensatory tariff hike for electricity provided from its plant at Mundra, Gujarat. The company had reportedly approached the regulator to consider increases in power tariffs after its customers in Haryana and Gujarat refused to pay higher rates for electricity generated from its coal-based plant in Gujarat.
According to the data released by Markit Economics, HSBC India Services PMI fell to 51.4 in March 2013, after an expansionary growth in February. In February, the HSBC Services Business Activity Index had registered 54.2, up from its reading of 53.2 in January 2013.
In March, the private sector output fell to a 17-month low of 51.4, according to the HSBC India Composite Output Index. In February, the widely tracked HSBC composite output index had registered 54.8. This is much lower than the long-run series average of 57.2.