Amid alternate bouts of buying and selling in front line stocks, the market remains quite sluggish today. Due to a lack of fresh triggers and on worries about industrial growth on the back of a hike in policy rate, investors are not showing any interest in building up positions.
The mood remains quite cautious amid concerns about near term economic outlook. Meanwhile, rating agency Moody’s Investor Service has has lowered its outlook for India's GDP growth to 4.5% for 2013-14 from 5.5%.
Bajaj Auto, BHEL, Tata Power, HDFC, Cipla, Mahindra & Mahindra and Larsen & Toubro are up 1.5% - 2.3%. Maruti Suzuki, NTPC, Dr Reddy's Laboratories, Tata Motors, GAIL India, ONGC, Reliance Industries and ICICI Bank are up with modest gains.
Ashok Leyland, up 6.6%, is the top gainer in BSE 'A' Group. Eicher Motors is up nearly 6%. IFCI, Emami, Berger Paints, Sobha Developers, Jain Irrigation Systems, Jubilant Foodworks and Suzlon Energy are trading higher by 2.5% - 4%.
Coromandel International, Bajaj Finance, Shriram Transport Finance, Bank of India, Indian Bank, Financial Technologies, Gitanjali Gems, Prestige Estates, BPCL, JP Infratech, Crompton Greaves, Mphasis and Shree Cement are trading lower by 2% - 5%.
Pidilite Industries has moved up nearly 3% to Rs 257.50 on strong volume. On the Bombay Stock Exchange, over 6.19 lakh shares have changed hands at the counter, significantly more than an average daily volume of around 37,000 shares.
KPIT Cummins (up marginally) has also clocked unusually large volumes on the bourses. Over 10 lakh shares have been traded so far at the KPIT Cummins counter on BSE, as compared to a daily average of a little over 1 lakh shares in the past couple of weeks. The stock is trading marginally up at Rs 133, after rising to Rs 135.15 in early deals.
CMC (up 0.8% at Rs 1263) is another stock to have recorded unusually large volumes. On BSE, the CMC counter has clocked a volume of nearly 22,000 shares so far this session, against an average daily volume of 2550 shares.
MTNL hit the 10% upper circuit at Rs 15.32 on reports the company has signed a pact with BSNL for providing pan-India solutions to customers.