After a bright start on the back of positive global cues, equities have drifted lower on the major Indian bourses with investors looking to take some profits after recent strong gains.
Sensex recovers after fall from higher levels Even as select blue chips from banking and information technology sectors hold firm in positive territory with notable gains, metal, capital goods, healthcare, automobile and FMCG stocks are drifting lower on a mild bout of selling pressure.
Oil, power and realty stocks are off their early highs and are mostly trading flat at present. Midcap and smallcap stocks are mostly subdued. The market breadth is marginally positive.
The Sensex, which declined to 16,892.74 from a high of 17,084.07, is now up 2.35 points or 0.01% at 16,960.74. The Nifty index of the National Stock Exchange is down 0.55 points or 0.01% at 5098.85, around 20 points off the day's low of 5078.25. The Nifty had earlier surged to 5136.95.
Jindal Steel, a big gainer in the previous session, is down 2.8% at Rs 503.40. Hindalco has lost around 2.3%. Bharti Airtel, Larsen & Toubro, Tata Motors, Tata Power, Coal India, Maruti Suzuki, Hindustan Unilever and Sun Pharmaceuticals are down 1% - 1.5%.
ICICI Bank is trading firm with a gain of 3% at Rs 886. State Bank of India is up 1.8% at Rs 1906 and HDFC Bank is up by about half a percent at Rs 469.25. BHEL, Bajaj Auto, Tata Steel and Cipla are trading modestly higher.
Manappuram Finance, up 5.2% at Rs 57.20, is the top gainer among BSE 'A' Group stocks. Voltas, Jet Air India, Crisil, Yes Bank, Canara Bank, Neyveli Lignite Corporation, ING Vysya Bank, HCL Technologies, LIC Housing Finance, Corporation Bank and ABB are also trading sharply higher.
Idea Cellular, Power Finance Corporation, Amtek Auto, REC, Godrej Consumer Products, Aurobindo Pharma, Dr Reddy's Laboratories, Pipavav Dock, Grasim Industries, IDFC, Motherson Sumi, Sesa Goa, SAIL and Ranbaxy Laboratories are trading notably lower.