The market, which suffered a fairly sharp setback this morning after a slightly cautious start, continues to languish in the red as selling continues in several blue chip stocks.
Amid worries about the near term outlook for the economy and on caution ahead of quarterly results, investors appear none too keen on indulging in any big buying. Instead, they are seen pressing sales at even small rallies.
The Sensex, which declined to around 18,390, is now down 18.48 points or 0.1% at 18,491.22. At 5562.60, nearly 30 points off the day's low of 5535.40, the Nifty is down 12.15 points or 0.22% from its previous close.
FMCG, power and bank stocks are trading weak. Oil stocks are finding good support. Select realty, automobile and metal stocks are trading in positive territory with notable gains. Healthcare, information technology and capital goods stocks are mostly hovering around their previous closing levels.
HDFC, NMDC and NTPC are trading lower by 3% - 3.4%. ITC is down with a loss of 2.3%. IDFC, Ambuja Cements, ACC, Mahindra & Mahindra, ICICI Bank and Lupin are down 1% - 2%.
Maruti Suzuki is up more than 6.5% at Rs 1397.
Bajaj Auto, BPCL, GAIL India, HCL Technologies, Jaiprakash Associates and Ultratech Cement are trading higher by 2.3% - 2.5%. Jindal Steel & Power, Tata Steel and ONGC are also up with strong gains.
Larsen & Toubro recovered after a weak spell. The stock edged higher following an announcement from the company that L&T Construction has secured new orders valued over Rs 2004 crore across various business segments in March 2013.
United Spirits is down 2.7% at Rs 1776. The United Spirits counter tops the chart, clocking a turnover of Rs 263 crore, on a volume of around 1.5 million shares.
Indraprastha Gas has gained over 10% at Rs 298 on huge volumes. On the National Stock Exchange, the counter has clocked a volume of around 4.8 million shares so far in the session.
GMR Infrastructure moved up sharply on reports the company has reached with an agreement with Megawide Construction Corp to bid for an airport development project in the Phillipines.