After opening marginally up, the Indian stock market retreated to lower levels amid altenrate bouts of buying and selling in early trades this morning. With most of the markets in the Asian region trading weak, investors are mostly treading cautiously. A lack of triggers from the home front is also contributing the the subdued trend in the market.
The BSE benchmark Sensex, which surged to 17,820.07 in early trades and drifted down to 17,746,82 subsequently, is currently down 2.55 points or 0.01% at 17,780.66.
The Nifty index of the National Stock Exchange is down 4 points or 0.07% at 5382.70.
Jindal Steel, down 2.2%, is the most prominent loser in the Sensex. Coal India, Larsen & Toubro, ICICI Bank, Tata Motors, Hindalco, HDFC Bank, Tata Power and Sterlite Industries are trading lower by 0.5% - 1%.
DLF, Punjab National Bank, BPCL, Axis Bank, Bank of Baroda, BPCL, Sesa Goa, Jaiprakash Associates, Siemens and Kotak Bank are down 0.4% - 1.5%.
Mahindra & Mahindra is up nearly 2% on fairly strong buying at the counter. Bharti Airtel, Ranbaxy Laboratories, GAIL India, Reliance Industries, ONGC, Cairn India, Hindustan Unilever, Cipla and Ambuja Cements are up 0.5% - 1.3%.
Mangalore Refineries & Petrochemicals is up nearly 4.5%. Gujarat State Petronet, Opto Circuits, Bajaj Finserv, Apollo Tyres, Motherson Sumi, Dish TV India, Tata Global Beverages, Aurobindo Pharma, United Spirits and Astrazenca Pharma are also up with strong gains.
IFCI, which plunged sharply in the previous session, is trading sharply lower once again. At Rs 26.20, the stock is down by around 3.5% now. Lanco Infratech, Wockhardt, HDIL, Indiabulls Real Estate, Emami, Reliance Power, Uco Bank, Adani Ports, Oracle Financial Services, Strides Arcolab and GMR Infrastructure are also trading notably lower.