After opening with a positive gap, the Indian stock market retreated and slipped into negative territory in early trades of the short Muhurat session this evening. Weak global cues and worries about neart term economic outlook appear to be forcing investors to tread cautiously.
Information technology, realty and bank stocks have opened on a slightly weak note. Metal stocks are edging higher, while oil, pharmaceuticals, capital goods and automobile stocks are mostly flat.
The Sensex, which advanced to 18,732.71, gaining around 60 points in early trade, is currently at 18,656.11, down 14.23 points or 0.08% from its previous closing mark. The Nifty index of the National Stock Exchange is down 7.25 points or 0.13% at 5676.45, more than 20 points off an early high of 5698.25.
Dr Reddy's Laboratories, HDFC Bank, Infosys, State Bank of India, Sun Pharmaceutical Industries, HDFC and Tata Consultancy Services are down 0.3% - 0.7%. Ultratech Cement, DLF, Grasim Industries, ACC and Kotak Bank are also trading weak.
Bharti Airtel is trading firm, gaining 1.2%. Tata Steel, Hindalco, Coal India, Jindal Steel & Power, Cipla, Hero Motocorp and Wipro are also trading higher.
L&T Finance Holdings, which rallied sharply on huge volumes on Monday, has extended its gains today. The stock is up nearly 10% at Rs 78.50 now. Over 14.2 million shares have been traded so far at the L&T Finance Holdings counter on the National Stock Exchange.
United Breweries (up 9.4% at Rs 827) has also vaulted on impressive volumes. The United Breweries counter on the National Stock Exchange has clocked a volume of over 3 lakh shares till now.