Sensex retreats after positive start; IT stocks edge higher

Last Updated: Wed, Jul 10, 2013 04:31 hrs

After a firm start on the back of a positive lead from global markets, stocks retreated on the Indian bourses this morning with investors turning a bit cautious and trimming down some positions.

The BSE benchmark Sensex, which rose to 19,505.93, gaining around 66 points, is currently down 14.90 points or 0.08% at 19,424.58. The Nifty index of the National Stock Exchange is down marginally at 5858.50, after surging to 5879.35 in opening trades.

Select consumer durables, information technology and power stocks are trading firm. Bank stocks are finding support on reports the government is likely to inject around Rs 14000 crore into some PSU banks, including IDBI Bank, Bank of Maharastra, Dena Bank and Indian Overseas Bank end September 2013.

Capital goods, pharmaceuticals and realty stocks have given up most of their gains, with some of them even drifting down into negative territory.

Automobile, FMCG and oil stocks are subdued. Metal stocks are a bit weak following disappointing economic data out of China.

IT majors Wipro, Tata Consultancy Services and Infosys are up 0.6% - 1.2%. Banking sector heavyweight State Bank of India is trading higher by 1.3%. Bajaj Auto, Mahindra & Mahindra, NTPC, Tata Power, ICICI Bank and Cipla are up with modest gains.

Jaiprakash Associates, Lupin, IndusInd Bank, Kotak Bank, Asian Paints, Reliance Infrastructure, Bank of Baroda, HCL Technologies and Axis Bank are up 0.5% - 1.6%.

Tata Steel and Jindal Steel & Power are trading lower by 1.6% and 1%, respectively, hurt by weak economic data from China. Cairn India, BPCL, Tata Motors, Hero Motocorp, Reliance Industries, Sun Pharmaceutical Industries, Hindustan Unilever and HDFC are also trading weak.

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