The mood remains cautious on the major Indian bourses this morning amid worries about the sustainability of global economic recovery following some weak data from the U.S. Also, with several top notch companies scheduled to announce their quarterly results during the course of the day, investors are quite reluctant to build up significant positions at present.
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The Sensex is down 8.47 points or 0.05% at 17,948.90, while the Nifty is down with a loss of 4.30 points or 0.08% at 5393.25.
PSU stocks are trading notably higher. Mirroring strong gains posted by stocks from this space, the BSE PSU index has surged 1.82% now. Select healthcare, oil and realty stocks have also moved higher.
Capital goods, metal, power, FMCG and information technology stocks are subdued. Not much buying is happening in banking and automobile sectors as well. Midcap and smallcap segments witness stock specific action.
DLF, Bharti Airtel, Reliance Communications, State Bank of India, ACC, Hindustan Unilever, BHEL and Sterlite Industries are down 0.4% - 1%.
Tata Communications has lost over 3% despite a surge in quarterly earnings. Shriram Transport Finance is down with a loss of 3%. Idea Cellular, Dabur India, GTLI, Moser Baer, SAIL, Everest Kanto Cylinder, Jet Air India, MTNL, United Phosphorus, Ambuja Cements, Punjab National Bank, Koutons Retail and Suzlon Energy are also trading weak.
HDFC is up with a gain of 1.9%. Hindalco, Cipla, HDFBA, Hero Honda, Reliance Infrastructure, Maruti Suzuki and Reliance Industries are up with modest gains.
MMTC has vaulted 23% to Rs 1866 on strong results. The PSU has posted a profit for the period of Rs 552.30 million for the quarter ended June 30, 2010 as compared to Rs 412.70 million for the quarter ended June 30, 2009. Total income increased from Rs 75119.30 million for the quarter ended June 30, 2009 to Rs 120595.40 million for the quarter ended June 30, 2010.
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HCL Technologies is up nearly 4% at Rs 387.50. Asian Paints, Tata Global, REI Agro, Marico, Petronet LNG, Dr Reddy's Laboratories, HDIL, IDFC and Exide Industries are also trading notably higher.
