After opening on a negative note on weak global cues, the Indian stock market pared some losses subsequently as investors indulged in some buying at lower levels in a few blue chip stocks. However, the mood remains a bit cautious amid renewed worries about the U.S. fiscal cliff.
Healthcare and information technology stocks have edged higher. Realty and bank stocks are mostly subdued. Oil, power, metal and capital goods stocks have recovered after a weak start. Automobile and FMCG stocks are trading mixed.
The BSE benchmark Sensex, which recovered to 19,520 after declining to 19,408 in early trades, is currently down 13.31 points at 19,462.69.
The Nifty index of the National Stock Exchange is down 8.25 points at 5921.35, off an early low of 5908.45.
Among the gainers in the Sensex, Cipla is up by over 2% at Rs 428.50, Sun Pharmaceutical Industries is trading 1.5% up at Rs 772.60 and Maruti Suzuki is up 1.3% at Rs 1528.60.
Hindustan Unilever and Jindal Steel & Power are up nearly a percent from their previous closing levels. Wipro, Tata Consultancy Services and Infosys are up 0.6% - 0.9%. Coal India, Tata Power, Tata Motors and GAIL India are also up in positive territory.
Asian Paints, Siemens, HCL Technologies, Lupin and Ranbaxy Laboratories are among the notable gainers in the Nifty index.
BHEL, Sesa Goa and Bharti Airtel are trading lower by 1% - 1.2%. IDFC, HDFC Bank, Ambuja Cements, Bank of Baroda, Reliance Infrastructure, Jaiprakash Associates, ITC, Kotak Bank and Reliance Industries are also trading weak.
Adani Enterprises has tumbled to Rs 282, losing 3.3%, on strong volumes. On the National Stock Exchange, nearly 2.5 million shares have been traded so far at the Adani Enterprises counter this morning.
Karnataka Bank (down 1.7%) has declined on reports the stock is under the lens of the market regulator following recent frenzied trading at the counter.