Sensex sheds gains after positive start

Last Updated: Wed, Nov 21, 2012 04:33 hrs

After a fairly steady start that saw the Sensex gaining around 65 points in early trade, equities have drifted down a bit on the Indian bourses this morning with investors mostly treading a cautious path amid a lack of prominent triggers.

The Sensex, which declined to 18,309.81 after rising to 18,395.06 in early trades, is currently up 1.55 points or 0.01% at 18,330.87. The Nifty index of the National Stock Exchange is down 2.40 points or 0.04% at 5569.15, nearly 20 points off an early high of 5588.25.

Select stocks from realty, consumer durables, information technology and bank stocks are trading higher, while automobile, oil, power and capital goods stocks are mostly subdued. Healthcare and metal stocks are trading flat.

Cipla, up 1.7% at Rs 386, is the top gainer in the Sensex. Tata Power has gained around 1.5%, Hindalco is up 1.3% and Tata Consultancy Services is up with a gain of 1.2%.

GAIL India, ICICI Bank, Sun Pharmaceutical Industries, Jindal Steel & Power, Larsen & Toubro, Mahindra & Mahindra, HDFC Bank and Infosys are up with modest gains.

Reliance Infrastructure, Sesa Goa, Axis Bank, Asian Paints, Kotak Bank and Grasim Industries are trading in positive territory.

Bharti Airtel is down 1.4% on profit taking after recent strong gains. NTPC and BHEL are down 1.2% and 1%, respectively. Ultratech Cement, Maruti Suzuki, Hero Motocorp, Coal India, State Bank of India, Bank of Baroda, IDFC, HDFC, Dr Reddy's Laboratories, DLF, Lupin and ACC are also trading weak.

Heritage Foods has rallied more than 6.5% to Rs 532 on strong volumes. On the National Stock Exchange, the Heritage Foods counter has clocked a volume of around 5.45 lakh shares so far this morning.

Aviation stocks Jet Airways and Spicejet have moved higher following a significant rise in air passenger traffic. Kingfisher Airlines is also up in positive territory, gaining about 1.8%.

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