Profit booking in some front line stocks has taken away a good portion of the market's gains this afternoon. Reflecting the erosion in prices, the Sensex, which had touched a high of 17,831.46 earlier in the day, has now dropped down to 17,708.88, trimming its gain to 58.31 points or 0.33%.The Nifty is up 0.63% or 32.70 points at 5233.40.
Bharti Airtel and Satyam Computer Services are among the major losers in the Sensex. They have lost around 1.2% from their previous closing levels at Rs 840 and Rs 444.90 respectively.
Cipla, HDFC, Wipro, Ranbaxy Laboratories and State Bank of India are down by 0.5% - 1%. ITC, Reliance Industries, Tata Motors, Tata Consultancy Services, Tata Steel, DLF and Hindalco are also down in the red, albeit with marginal losses.
Sterling Biotech, Indian Bank, Andhra Bank, Maharashtra Seamless, JSW Steel, Wockhardt, Federal Bank, Corporation Bank, Orchid Chemicals, Hinduja Ventures, Zee Entertainment, Vijaya Bank and Colgate Palmolive have lost ground.
Thermax rules firm with a strong gain of 6.3%. Lanco Infratech is up by around 5.25%. HMT, Jindal Stainless (the proposal by in the Railway budget for introduction of more stainless steel coaches appears to have triggered some strong buying at the counter), Cairn India, Aventis Pharma, Bank of India, Indian Oil Corporation and Suzlon Energy are up by 4% - 5%.
GlaxoSmithKline Pharma, Raymond, Rashtriya Chemicals & Fertilizers, Finolex Industries, India Cements, Godrej Consumer Products, Bharat Earth Movers, Moser Baer and Engineers India have also posted sharp gains.
Among Sensex stocks, Reliance Energy, Grasim Industries, BHEL, HDFC Bank, Infosys Technologies, ACC and ONGC are up by 1% - 4%. Maruti Suzuki, Reliance Communications and ICICI Bank are also up with notable gains.