Though a few front line stocks are off their lows thanks to modest buying support, the key indices Sensex and Nifty still remain in negative territory with notable losses this afternoon.
The Sensex is down with a loss of 47.12 points or 44.80 points or 0.23% at 19,431.20, nearly 100 points off the day's low of 19,335.72. The Nifty is down 30.30 points or 0.51% at 5899.30.
The mood is a bit bearish following a weak trend in global markets amid renewed worries about the U.S. fiscal cliff. Some profit taking after recent gains is also contributing to the weakness in most of the markets.
Capital goods, power, metal and automobile stocks are among the notable losers back home. Bank and oil stocks are trading weak as well. Information technology, FMCG and healthcare stocks are off their highs due to lack of support.
Ambuja Cements, Jaiprakash Associates, BPCL, Axis Bank, Mahindra & Mahindra, Wipro, Sun Pharmaceutical Industries, BHEL, IDFC, Bank of Baroda, Bajaj Auto, Kotak Bank and Larsen & Toubro are down 1% - 3%.
Coal India, ITC, ACC, Cairn India, Sesa Goa, Reliance Infrastructure, Punjab National Bank, Hero Motocorp, Tata Steel, HDFC Bank and Reliance Industries are also trading notably lower.
Cipla, Hindalco, Hindustan Unilever, Maruti Suzuki, Ranbaxy Laboratories, Tata Consultancy Services, Asian Paints, DLF and Siemens are trading in positive territory.
Adani Enterprises (down 6%), Reliance Power (down 2%) and HDIL (down 2.2%) have declined sharply on huge volumes. United Spirits (up 1.5%) have moved higher, clocking a volume of nearly 1.1 million shares on the National Stock Exchange.
Gujarat Apollo Industries Limited shares are up more than 8% at Rs 146.50. The stock spurted to Rs 158.70 earlier in the day, after the company said that the Swiss building materials maker Ammann Group is picking 70% stake in the consolidated road construction equipment business of Apollo Group in a deal valuing the business at Rs 400 crore.